Dubai’s Mashreq sees Q3 profit increase 4.6%

Dubai bank Mashreq reported a 4.6 per cent increase in third quarter profit on Monday.

The lender’s profit for the three months to the end of September stood at Dhs587m ($159.8m) from Dhs561m in the same period in 2017.

Profit for the first nine months of the year was up 5 per cent from Dhs1.664bn to Dhs1.74bn ($473.7m).

Mashreq’s total assets increased by 9.8 per cent to Dhs137.4bn (437.4bn), non-performing loans were stable at 2.9 per cent and total provisions for loans and advances reached Dhs4.3bn.

“We achieved solid growth in our balance sheet with a deposit growth of 8.1 per cent year-to-date, well above market norms. This was complemented by our strong liquidity position with high liquid assets to total assets ratio of 28.4 per cent,” said Mashreq CEO Abdul Aziz Al Ghurair.

“We have already accomplished several major milestones in transforming both our front and back-end processes, and will continue to showcase our agility and our thirst for disruption in our goal to be the region’s preferred banking partner.”

The bank said it increased the customer base for its Neo online retail product by 23 per cent between the second and third quarters.

Mashreq said this month it had agreed to a $40m settlement with the New York State Department of Financial Services (DFS) in relation to regulatory issues raised with its New York branch.

Read: Dubai’s Mashreq pays $40m to New York regulator over compliance issues