Net profits of Al Mashreq increase by 5%

Mashreqbank reported financial results for the six months ended June 30, which posted a net profit of AED 1.2 billion, up 5.2% year-on-year. Provisions for non-performing loans decreased by 18.2% year-on-year.

Non-interest income relative to operating income (best in clbad) remained high at 39.8%. Cash represented 29.2%, while cash and balances with other banks amounted to AED 37.1 billion as at 30 June.

Total badets declined 2.5% to 136.4 billion from AED, while loans and advances increased 2.1% to 70.7 billion from AED. The deposit-to-deposit ratio remained high at 91.1%.

Abdul Aziz Al Ghurair, chairman and CEO of Mashreqbank, said: "Non-performing loan provisions have declined and we have continued to achieve the best interest-free income rate, which reflects our team's constant desire to towards innovation, as well as developing new strategies and new products that will further strengthen our position at the forefront of the banking sector in the region.

The Bank's loan-to-deposit ratio remained high at the end of the second quarter. I am confident that we will maintain our strong position as long as we continue with our customer-centric strategy and our innovation efforts. We have made significant progress in improving our customers' banking experience in the first half, and our branch transformation strategy, the first of its kind in the region, is a prime example.

"Right now, we are taking swift action in our transformation process, digital technology has become our cornerstone, and we have launched several initiatives in the retail banking and corporate banking sectors. most transformations in this area pose significant challenges, but we have been able to achieve solid financial results.

"Having a strong digital infrastructure is a prerequisite for any bank's success.The Mashreq has been at the forefront of modern technology and we will continue to provide innovative products and services to meet the needs of ever-changing customers.