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Net Profit Slips At Middle East's Mashreq

Tom Burroughes

23 January 2019

Middle East-based lender , 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.