Dubai: Dubai-headquartered Mashreq bank came up with a Dh1.4 billion net profit in the first-half of 2022, helped along by a 17 per cent increase from last year. With interest rates gaining, the bank recorded loans and advances of Dh89.7 billion, up 10 per cent.
As we continue to operate in increasingly uncertain economic times, we registered a net profit of Dh1.4 billion, which is a great achievement and one everyone associated with the Bank can be, quite rightly, proud of,” said AbdulAziz Al Ghurair, Chairman.
This growth was mainly driven by an increase in operating profit, which was up 17 per cent compared to H1-2021. Our non-interest income to operating income ratio, at 44.2 per cent, remains one of the most robust in the industry.
- AbdulAziz Al Ghurair, Chairman
Mashreq’s H1-22 numbers bode well for the other blue-chip banks in the UAE. And with further interest rate hikes in the offing, that too rub off on H2-22 tallies.
The first six months… strengthened our position as a powerful digital disruptor. In the midst of challenging global financial headwinds, we saw our total assets increase by 7 per cent in the year, while our loans and advances experienced double-digit growth to reach Dh89.7 billion.
- Ahmed Abdelaal, Group CEO at Mashreq Bank
The bank, which had a capital adequacy ratio (CAR), 13.56 per cent at the end of June, totalled Dh188.64 billion as assets against Dh172.76 billion from H1-21.
Fintech picks
In the recent past, Mashreq had widened its interests in the fintech space through investments. Pushing hard into the digital banking space – even as new standalone neobanks are ready to launch – will remain a priority. “This year we have already launched several industry firsts, including the first phase of Neo NRI, the first ever non-resident account opening from a UAE banking app,” said Ahmed Abdelaal, Group CEO at Mashreq Bank. “Our Neo NXT proposition, the first ever smart teen banking proposition targeting the Gen Z, was launched alongside a strategic partnership with Galaxy Racer focused around the gaming community.”
