Mashreq, a UAE-based banking group, has reported a net profit of AED532m for the first quarter of 2016, down 18.2% compared to AED651m in the year-ago quarter.
Total operating income increased 2.3% year-on-year to AED1.5bn, the bank said in its earnings statement.
Go deeper with GlobalData
Operating profit for the quarter stood at AED923m, up 4.1% from AED887m in the prior year. Net interest income rose 1.7% to AED817m from AED804m a year ago.
Operating expenses were AED604m, a fall of 0.2% from AED605m in the corresponding quarter of 2015.
Mashreq CEO Abdul Aziz Al Ghurair said: "This result is driven by strong growth in Net fee and Commission income which is up by 4.6%, taking our best-in-class Net Fee, Commission and Other Income to Operating Income ratio to 42.1%. Our Loans and Advances increased by 1.6% to AED 61.1 billion and Customer Deposits increased by 2.7% to reach AED 75.6 billion as compared to December 2015, leading to a Loan-to-Deposit ratio which remained robust at 80.8% by the end of March 2016."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
