Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Mashreq Achieves 17% Increase in Operating Profit and Posts AED 1.4 Billion Net Profit for 1H 2022
 
Mashreq Achieves 17% Increase in Operating Profit and Posts AED 1.4 Billion Net Profit for 1H 2022
Dubai, UAE; 20th July 2022: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2022.
 
Key highlights:
 
• Strong Growth in Operating Income & Net Profit 
o Operating Income has increased by 15% over the previous year to AED 3.3 billion mainly due to increased Net Interest Income and Income from Islamic financing 
o Mashreq’s non-interest income to operating income ratio continues to remain high at 44.2% (47.5% as of December 2021) 
o Operating profit at AED 1.9 billion is a 17% increase compared to 1H 2021 as a result of higher operating income 
o Mashreq posted a healthy Net Profit of AED 1.4 billion in 1H 2022. 
 
• Comfortable Liquidity & Capital position
o Growth of 8% YTD in Customer deposits to reach AED 109.3 billion
o Liquid Assets ratio stood at 27.6% for June 2022 (29.0% in December 2021) 
o Capital adequacy ratio is at 13.6%1) and Tier 1 Capital ratio at 12.4% as of June 2022
• Healthy Growth in the Loan Portfolio 
o Total Loans and Advances increased by 10% YTD to AED 89.7 billion 
o Loan-to-Deposit ratio remained stable at 82% at the end of June 2022
• Improved Credit Environment
o Impairment allowance reduced to AED 466 million from AED 1.5 billion in 1H 2021
o Non-Performing Loans to Gross Loans ratio declined to 4.6% as of end of June 2022 (5.2% as of December 2021)
o Total provision for loans and advances reached AED 6.6 billion and coverage ratio improved to 132.1% as on 30th June 2022 (128.2% in December 2021)
 
 
 
 
 
H.E AbdulAziz Al Ghurair, Chairman of Mashreq, said: 
“I am delighted to announce that Mashreq Bank has posted a healthy growth in net profits for the first half of 2022. As we continue to operate in increasingly uncertain economic times, we registered a net profit of AED 1.4 billion, which is a great achievement and one everyone associated with the Bank can be, quite rightly, proud of.” 
 
'This growth was mainly driven by an increase in operating profit, which was up 17% compared to 1H 2021 as a result of higher operating income. Our non-interest income to operating income ratio, at 44.2%, remains one of the most robust in the industry and is also a true testament to the constant drive of our teams towards innovation, based on our fundamental customer-centric approach.”
 
“Every day we are enhancing our reputation as the region’s most progressive and inspirational challenger bank that is shaping the future of financial services through convenience, innovation, and trust, while delivering a seamless experience to our customers. We will continue on this mission throughout the remainder of 2022, developing new strategies and products and forging partnerships with key stakeholders to enhance the digital economy and place us at the very front and center of the banking industry in the region.”
 
Ahmed Abdelaal, Group CEO, Mashreq Bank, said: 
“The first six months of 2022 has delivered outstanding results for Mashreq Bank and strengthened our position as a powerful digital disruptor. In the midst of challenging global financial headwinds, we saw our total assets increase by 7% in the year, while our loans and advances experienced double-digit growth to reach AED 89.7 billion.”
“In recognition of the Bank’s constant mission to innovate, Mashreq was voted Market Leader for its best-in-class transactional banking services by our customers in the 2022 Euromoney Trade Finance Survey for the third consecutive year. As well as receiving this prestigious accolade in both the UAE and wider Middle East region, the Bank also received the Best Service accolades for Africa, Pakistan and Qatar. Mashreq was also named Best Digital Bank by Euromoney in the Middle East for the third consecutive year.” 
 
“This year we have already launched several industry firsts, including the first phase of Neo NRI, the first ever non-resident account opening enabled from a UAE banking app. Our Neo NXT proposition, the first ever smart teen banking proposition targeting the Gen Z, was launched alongside a strategic partnership with Galaxy Racer focused around the gaming community.”
 
“Delivering innovation to enhance the customer experience is at the heart of everything we do at Mashreq and we look forward to the launch of more products and services through the remainder of this year.”
 
“I am grateful for the loyalty and support of our customers, employees, and shareholders, who have made these excellent results possible.”
 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 7191 times
PR Category : Banking & Investments
Posted on : Wednesday, July 20, 2022  5:04:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Report for the Six Months Ending 30 June 2022
Next Story : National Bank of Fujairah launches its Second Annual Art Com...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
New Year, New Me with essence Products [15568-Views]
Embrace this New Year with Catrice [11607-Views]
Arab Bank Group Reports Net Profits of $544.3 million for 2022, 25% Cash Dividends [8979-Views]
SAP Announces Q4 and FY 2022 Results [7413-Views]
My Olivanna [6548-Views]
MGD - DSF Raffle Draw Winner [6527-Views]
Tanishq Opens 7th Boutique in the UAE [6478-Views]
Russian Compani will Participate in the 11th Largest International Construction Exhibition... [5998-Views]
LG Announces 2022 Financial Results [5719-Views]
Malabar Gold & Diamonds Launches the ‘Heart to Heart' Jewellery Collection to Celebrate th... [5469-Views]
More Events Target Clients on 3rd day of 6th Dubai Customs Week [4969-Views]
Celebrate Valentine's Day with Joyalukkas ‘Be Mine' Collections [4904-Views]
National Bank of Fujairah PJSC (NBF) – 2022 Results [4543-Views]
du Partners with Dubai Authorities to Operate State-of-the-art Drone Solutions through its... [4485-Views]
Union Coop signs MoU with CoTopia [4330-Views]
Danube Properties Unveils Viewz - an Iconic 1.4bn Project in JLT with Aston Martin Furnish... [4326-Views]
Dubai Jewellery Group Successfully Concludes Dsf Campaign by Giving 100 Winners 25kgs Gold... [4305-Views]
Inaugural Mohammed bin Rashid Falconry Cup Off to a Strong Start [4071-Views]
Luscious Lunch with Your Ladies at Sizzling Wok - a Perfect Galentine's Day Celebration [3952-Views]
382 Health Facilities part of Dubai Health Authority's Single Electronic Medical File Init... [3903-Views]
SPORTMAX PreFall 2023 Collection [3813-Views]
Thomas Pieters Tops the Leaderboard on Shortened Opening Day at Hero Dubai Desert Classic [3780-Views]
UPS Releases 4Q 2022 Earnings [3682-Views]
Special Olympics UAE Recognizes 99 Schools Unified Champion Schools from across the UAE [3645-Views]
Emirates College for Advanced Education Organizes “Education First” Forum to Design Qualit... [3628-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories