Dubai: Mashreq on Sunday reported Dh1.8 billion net profits for 2013, largely driven by significant growth in net interest income and net fee and commission income.
The bank’s total operating income for the period grew to Dh4.8 billion, an increase of 18.4 per cent compared to a year earlier.
“Our annual financials reflect solid and sustainable growth. We are constantly innovating to give our customers what they need,” AbdulAziz Al Ghurair, Mashreq’s CEO, said.
Mashreq’s asset quality continued to improve as non-performing loans to gross loans ratio reduced from 9.4 per cent in December 2012 to 6 per cent at the end of December 2013. While the bank’s total assets increased by 17.4 per cent to reach Dh89.7 billion in 2013, compared to Dh76.4 billion at the end of 2012, loans and advances grew by 21.8 per cent during 2013 to reach Dh50.4 billion, compared to Dh41.4 billion at the end of December 2012.
While customer deposits increased by 23.5 per cent during 2013, the bank’s loan-to-deposit ratio remained stable at 86 per cent at the end of 2013 as compared to 87 per cent in December 2012.
