Reports
Net Profit Slips At Middle East's Mashreq
There was a slight dip in its net profit figures for the year. The bank said the results were resilient given testing market conditions.
Middle East-based lender Mashreq Bank, which
provides services including private banking, has reported a net
profit for 2018 of AED2.1 ($571 billion), slipping by 0.4 per
cent from the previous year.
Customer deposits grew by 9.4 per cent to reach AED83.2
billion.
Net profit fell by 9.2 per cent in 2018 to AED3.332 billion.
The bank’s capital adequacy and Tier 1 capital ratios – measures
of a lender’s financial strength – held above the minimum levels
required by regulators at 16.5 per cent and 15.3 per cent
respectively.
Set up in 1967, Mashreq operates in 11 countries outside the UAE,
in Europe, the US, Asia and Africa. In September last year it
said it became the first private bank in the United Arab Emirates
to harness artificial intelligence and robotics into its
business.
