Mashreq, one of the leading financial institutions in the UAE reported a net profit of AED 2.1 bn for the financial year 2018, which is a 0.4% increase year on year.
The total assets of the company grew by 11.8% to AED 139.9 billion while loans and advances increased by 10.4% to reach AED 69.3 billion as compared to December 2017. Customer Deposits grew by 9.4% in the year to reach AED 83.2 billion and the total provisions for loans and advances reached AED 3.6 billion, constituting 137.2% coverage for non-performing loans.
Mashreq’s CEO, H.E. Abdul Aziz Al Ghurair, said: “2018 was a year of further innovation at Mashreq. We are employing the latest technology and with this digital enablement we are re-imagining customer journeys to ensure they are smoother and better than ever. Furthermore, we are well on our journey of change and our agile transformation continues; we are working to expand it across other units”.
2018 was a difficult year, owing to the market fluctuations and revenue challenges. However, the bank focused on strategically acquiring good assets and growing the loan portfolio, whilst increasing its funding base. Improved risk management helped in reducing the impairment allowance by 17.3% year-on-year and also helped in creating a strong liquidity and capital position. Mashreq has been awarded the Gallup Great Workplace Award for a fifth year in succession, establishing it as a truly innovative and elite workplace.
2018 Awards received by Masreq :
- Global Banking & Finance Awards
Best Internet Bank Qatar 2018
- EMEA Finance – Middle East Banking Awards 2018
Best product launch
- Islamic Banking & Finance Awards 2018
Innovation in Islamic Banking – Mashreq Al Islami
- Network World Innovation Award
Enterprise Mobility Project of the Year – Mashreq Bank
- F5 Networks
Innovation in Application Security
- FinX awards
Best Digital Bank MENA
- Khaleej Times – DIGITRANS 2018
Iconic Digital Leader
Digital Leader Enterprise
- IDC FinTech Real Results award granted by IDC Financial Insights
Digital Trust & Stewardship category – “Mashreq BOT’s Servicing Dubai Police with Virtusa”
- Global Brand Awards 2018
Best Customer Service Banking Brand, United Arab Emirates 2018