Mashreq takes decisions to adjust growth startegy-CEO

Dubai-Mubasher: Dubai-listed Mashreq maintained a steady performance in the difficult market conditions as the bank read the signs of the market softening early and took decisions to moderate its growth strategy accordingly, said Mashreq’s CEO Abdul Aziz Al Ghurair.

The bank posted stable financial results for the fiscal year ending December 2015, he said, adding that the market sentiments deterioration in the last two quarters of the year due to lower oil prices had strong impact on all the GCC economies.

“Mashreq continues to have the best in class net fee, commission, investment and other income at 45% of our operating income, a strong balance sheet growth and a robust 81.7 % loan-to- deposit ratio,” noted Al Ghurair.

He added that the bank’s NPL ratio fell to 2.8% with NPL coverage of 145%.