Cookie Consent by Privacy Policies Generator website Mashreq Posts AED 265 Million Net Profit for 9M 2021 :

Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking Investments

Dubai, UAE - 9th November 2021: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the nine months ending 30th September 2021.
Key highlights:
• Robust Growth in Operating Income 
o Operating Income has increased by 8.2% over the previous year to AED 4.3 billion due to improvements in fees and commission
o Mashreq's non-interest income to operating income ratio continues to remain high at 48.0% (48.1% as of September 2020) 
o Operating profit at AED 2.4 billion is a 14.3% increase compared to 9M 2020 as a result of increased operating income
• Comfortable Liquidity & Capital position
o Growth of 7.4% YTD in Customer deposits to reach AED 94.8 billion
o Liquid Assets ratio stood at 29.5% with Cash and Due from Banks at AED 45.7 billion as on 30th September 2021 
• Strong Growth in the Loan Portfolio 
o Total assets increased by 7.0% YTD to AED 169.6 billion and Loans and Advances increased by 7.6% YTD to AED 77.0 billion
o Loan-to-Deposit ratio remained stable at 81.2% at the end of September 2021
• Uncertain Credit Environment
o Impairment allowance stands at AED 2.0 billion vs AED 1.6 billion for 9M 2020
o Non-Performing Loans to Gross Loans ratio was at 5.6% as of end of September 2021 (4.7% as of June 2021)
o Total provision for loans and advances reached AED 6.6 billion and coverage ratio stood at 125.0% as on 30th September 2021 (up from 117.0% in June 2021)
Abdul Aziz Al Ghurair, Chairman of Mashreq Bank, said: “Mashreq recorded a net profit of AED 265 million for the period ending 30th September 2021. The UAE national economy has returned to growth, providing new opportunities for Mashreq across all lines of business.  The continued support from the UAE's national leadership, as well as significant milestones such as the Expo 2020 and the nation's upcoming Golden Jubilee, have resulted in a stronger business environment and increased consumer confidence.
Despite the bank's conservative risk strategy, the bank has been able to deliver robust growth and maintain a comfortable liquidity position, providing fiscal headroom to continue to invest in our most vital asset, our people. Skills development and the encouragement of digital innovation are embedded in our corporate strategy and remain critically important as we build market share to benefit our employees, customers and shareholders.”
Ahmed Abdelaal, Group CEO of Mashreq Bank, said: “Mashreq's advanced digital transformation program has continued to deliver outstanding service to customers throughout the nine months ending 30th September 2021. Digital platforms supported growth of 7.4% YTD in customer deposits, a liquid asset ratio of 29.5% and a subsequent capital adequacy ratio and Tier 1 capital ratio of 14.4% and 13.3% respectively. 
The bank's operating profit for 9M 2021 rose by 14.3% to AED 2.4 billion compared to the same period in 2020. This is generated mainly from a 26.2% increase in fee and commission income. These financial outcomes reflect not only the bank's fiscal resilience but a sustained economic recovery at home and abroad. 
A growing sense of consumer and business confidence within the region has also supported strong growth across Mashreq's loan portfolio. Total assets increased by 7.0% YTD to AED 169.6 billion and loans and advances increased by 7.6% YTD to AED 77.0 billion. Meanwhile, the bank's loan-to-deposit ratio remained stable at 81.2% at the end of September 2021.
However, we believe that progress cannot be made without the development of a diverse, inclusive, and enabling working environment. The successful adoption of our ‘work from anywhere' culture, which we rolled out in 2021 is one such step in this direction. We doubled down on our commitment to Emiratization by investing in young Emirati talent through our internal and external programs - such as our newly launched Al Mustaqbal initiative - which aims to boost the career growth and development of our high potential Emirati talents.”

Posted by : GoDubai Editorial Team
Viewed 2501 times
Posted on : Tuesday, November 9, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Emirates Development Bank, National Bank of Fujairah sign MoU on credit guarantee, co-lending for SM...
Next Story : Arab Bank Group Profits Grow by 26% for Nine Months 2021
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
Records to Bounce, Flip and Soar for Guinness World Records Day 2021
LG Honored With 24 Awards for Innovation Ahead of CES 2022
Foreo Festive Gifts for the Well-Groomed Gentleman
ASTRONEF is a New mechanical Masterpiece Presented by Ateliers Louis Moinet
Pandora and World-Renowned Author, Nadia Owusu, Release a Collection of Festive ...
Festive FOREO Gifts for Skincare Gurus this Holiday
4 FOREO Products That Will Completely Transform Your Skincare Routine
Symbolism and Style Defines Tanishq's Exclusive Year of the Fiftieth Collection
SolarWinds Expands International Leadership Team in EMEA Market
Go Green this Black Friday Cathay Pacific Offers Complimentary Carbon Offset
Line-up for 2022 Emirates Airline Festival of Literature Dazzles With the Creato...
Channelling Power of the Mind and Body is the Key to Success, say Mindvalley Exp...
Curate your Stress-Free Skincare Regime for Less with Herbal Essentials
UD Trucks Launches the new Euro 5 Range in the Region and Upgrades its Existing ...
The Kia Concept EV9 – Kia's All-Electric SUV Concept takes Center Stage at AutoM...
Celebrate UAE National Day with FreshToHome's Special Bouquets
Liverpool FC Retail Partner Seventy-8 Arranges for UAE Fans to Meet Jose Enrique...
du Showcases 5G Controlled Robot Over Private 5G SA Network Leveraging AWS and A...
Comlux Launches New Hangar Project at Mohammed bin Rashid Aerospace Hub
CS Events to help Disrupt the $1.13 Trillion Events Industry by Deploying Techno...
ICC thanks Dubai Police for their Contribution to a Successful Men's T20 World C...
Emirates First Group Launches the Region's first PRO Awards to Recognize the uns...
Sharjah Entrepreneurship Festival 2021 poised to unlock the Entrepreneur of Tomorrow
Down To Earth, Dubai's Annual Festival Celebrating all things Eco-Friendly and G...
SEHA and Abu Dhabi Energy Services begin First Phase of its Energy Savings Frame...
LG Electronics Announces New CEO and Other Changes to Aggressively Tackle 2022 a...
Big Crown Pointer Date Calibre 403
Airbus forecasts 3,020 New Aircraft Deliveries to Airlines in the Middle East by 2040
Malabar Gold and Diamonds Inaugurates New Showroom in Ghatkopar, Mumbai, Maharas...
World's Fastest Man of 2021 to Participate at the ADNOC Abu Dhabi Marathon
Whiteshield Partners involves younger generation in public policy making focusin...
GEMS Education Launches New Membership Lifestyle Platform – GEMS Rewards Plus Po...
O.Rentals LLC Signs Strategic Partnership with Bauer Maschinen GmbH
The Executive Committee of Ajman University's Board of Trustees Highlights the U...
Hail in the Festivities with India Gate
Rome Region brings the Great Italian Cuisine to Expo Dubai
Team Abu Dhabi Target Three World Titles in Dramatic Climax to Season
BMW Announce the X7 UAE 50th Year Edition to Mark the UAE's Golden Jubilee
THAT Concept Store Launches its First Ever Holidaze Edit
Lincoln Experiences Exceptional 2021 with Best Sales Results in Six Years
Dubai Health Authority Uses Radionuclide Therapy to Treat Chronic Joint Disease.
SEF Returns Tomorrow (Monday) with 27 ‘Conversations of Change' from 55 Eminent ...
Ras Al Khaimah Economic Zone's Mobile App Goes Live
Dubai-Based King Group Hospitality Launches Punjab Restaurant – a 24-hour Multi-...
Samsung Takes the Smartwatch Experience to the Next Level with Galaxy Watch4 and...
GEMS Education Schools Celebrate the UAE's Golden Jubilee as they look ahead to ...
Young Founders Hail Sharjah's Supportive Ecosystem at Sharjah Entrepreneurship F...
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum Launches Dubai Pro...
The Sky Is the Limit for the World Food Programme's Humanitarian Efforts
essence cosmetics' (National Day) edit