Mashreq Net Profit In The First Half Of 2018

Mashreq reported its financial results for the first half ending 30th June 2018.

Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2018.

Key highlights [1H 2018 vs 1H 2017]: 

Steady growth in Net Profit

Operating Income is up by 3.7% and stands at AED 3.1 billion
Net profit for the first half stood at AED 1.2 billion - a 5.2% increase YoY
Impairment Allowance down by 9.6% YoY

Consistently high proportion of non-interest income

Mashreq’s best-in-class non-interest income to operating income ratio remained high at 40.3%
Insurance, FX & Other Income up by 24.2% year-on-year

Solid balance sheet

Total Assets increased by 1.4% in the year to AED 127.0 billion whereas Loans and Advances increased by 7.9% to AED 67.7 billion as compared to December 2017
Customer Deposits increased 2.3% YTD and are at AED 77.8 billion
Loan-to-Deposit ratio remained robust at 87.0% at the end of June 2018

Healthy liquidity and capital position

Liquid Assets to Total Assets stood at 25.9% with Cash and Due from Banks at AED 32.8 billion
Capital adequacy ratio and Tier 1 capital ratio continue to be significantly higher than the regulatory limit and stood at 17.0% and 15.9% respectively 

Sustained asset quality

Non-Performing Loans to Gross Loans ratio remained stable at 2.9% at the end of June 2018
Total Provisions for Loans and advances reached AED 4.2 billion, constituting 179.1% coverage for Non-Performing Loans

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