Mashreq has reported a 40 per cent increase in net profit for the first half of 2014, climbing to AED 1.16 billion as compared to AED 828 million in the first half of 2013. Continuing on the growth momentum witnessed in the first quarter of 2014, the Net Profit in the second quarter reached AED 585 million, an increase of 45 per cent from last year.
The bank's Total Operating Income for the first half of 2014 grew to AED 2.9 billion, an increase of 26.4 per cent compared to a year earlier, driven by both Net Interest Income and Net fee and commission income.
The bank's Net Interest Income at the end of
Mashreq's best-in-class Net Fee, Commission and Other Income to operating income ratio remained high at 49.5 per cent led by a 25.7 per cent growth in Net Fee and Commission Income and 30.4 per cent growth in Net Investment Income over first half of last year.
General and Administrative Expenses for the period increased by 5.4 per cent compared to a year earlier to reach AED 1.1 billion; However Mashreq's Efficiency Ratio improved by 7.4 per cent on a year-on-year basis to reach 37.2 per cent at the end of
Earnings per share strengthened to AED 6.86 at the end of June this year compared to AED 4.90 a year earlier.
Asset quality continued to improve as Non Performing Loans to Gross Loans ratio reduced from 6.0 per cent in
Mashreq's capital adequacy ratio and tier 1 capital ratio continue to be higher than the regulatory limit and stood at 16.1 per cent and 14.7 per cent respectively, at the end of June 2014.
He continued, "Seeing how the
Mashreq's Total Assets increased by 15.9 per cent to reach AED 103.9 billion in
Loans and Advances grew by 11.0 per cent during the first half of 2014 to reach AED 56.0 billion, compared to AED 50.4 billion at the end of
The Bank's Loan-to-Deposit and Loan-to-Total Assets Ratio stood at 79 per cent and 54 per cent respectively at the end of
Most Popular Stories
- Rackspace Ends Talks About Possible Acquisition
- Mercedes Rolls Out S550 Plug-in Hybrid
- Plus-Size iPhones Live Up to The Hype
- FedEx Adding 50,000 Holiday Jobs
- Missouri GM Plant Adding 750 jobs
- Toxic Algae Threatens Florida Fishing, Tourism
- Cool Features on Today's New iOS 8
- Family Dollar Spurning Bid From Dollar General
- Kohl's Hiring 67,000 for the Holidays
- Poverty Rate Drops for First Time Since 2006