Dubai – Mubasher: Mashreq Bank has posted a 9.5% year-on-year increase in net profits during the first quarter of 2018, registering around AED 598.166 million ($162.82 million).
The Dubai-listed bank’s total assets declined 1.4% to AED 123.4 billion in the first three months of 2018, while customer deposits grew 0.6% year-to-date (YTD), recording AED 76.5 billion.
Mashreq’s loan-to-deposit ratio stood at 85.2% at the end of March, according to a bourse statement released on Monday.
“We are pleased to report strong financial results in the first quarter of 2018. Our earnings per share (EPS) remain robust and we continue to maintain a strong liquidity position,” Mashreq’s CEO Abdul Aziz Al Ghurair commented.
Total non-interest income rose 0.2% year-on-year to AED 609 million in the three-month period ended 31 March, while total operating income grew 4% year-on-year to AED 1.5 billion in the same period, the bank’s data showed.
“As we draw closer to EXPO 2020, we are excited to witness a period of accelerated growth in the nation, and we are fully dedicated to supporting Sheikh Mohammed bin Rashid Al Maktoum’s vision for the UAE,” Al Ghurair said.
