Dubai, UAE; 25th January 2017
Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2016.
Key highlights [2016 vs 2015]:
Stable growth in Operating Income
- Operating Income up 3.2% year-on-year to AED 6.2 billion driven by strong growth in Net Interest Income & Net Income from Islamic Products
- Net Interest Income & Net Income from Islamic Products up by 4.2% year-on-year, on the back of a 1.4% y-o-y increase in loan volume
- Net profit for full year 2016 stood at AED 1.9 billion
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Consistently high proportion of net fee and commission income
- Mashreq’s best-in-class Net Fee, Commission, Investment and Other Income to operating income ratio remained high at 42.2%
- Net Fee, Commission & Other income increased by 1.8% year on year
Strong balance sheet
- Total Assets increased by 6.6% in the year to reach AED 122.8 billion; Customer Deposits increased by 4.6% to reach AED 77.0 billion
- Loan-to-Deposit ratio remained robust at 79.2% at the end of December 2016
Healthy liquidity and capital position
- Liquid Assets to Total Assets stood at 30.4% with Cash and Due from Banks at AED 37.3 billion
- Capital adequacy ratio and Tier 1 capital ratio continue to be significantly higher than the regulatory limit and stood at 16.9% and 16.0% respectively
Stemmed the decline in asset quality
- Non-Performing Loans to Gross Loans ratio decreased to 3.1% at the end of December 2016 (3.6% as of September 2016).
- The risk charge for the year increased from AED 1.0 billion to AED 1.7 billion and Total Provisions for Loans and advances reached AED 3.3 billion, constituting 151.1% coverage for Non-Performing Loans
Mashreq delivered stable financial results for the year ending December 2016, reporting a net profit of AED 1.9 billion. Earnings per share are strong at AED 10.85 as of December 2016.
Read the full release here.
-Ends-
For media enquiries, please contact:
Huda Ismail
Public Relations, Mashreq
Tel: 04 –6083629
Email: [email protected]
Nssrin Khalil
Public Relations, Mashreq
Tel: 04 – 6083836
Email: [email protected]
For investor relations enquiries, please contact:
Ali Zaigham Agha
Investor Relations, Mashreq
Tel: 04 –2077543
Email: [email protected]
© Press Release 2017
© Copyright Zawya. All Rights Reserved.
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