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.
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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."
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