UAE’s Mashreq Bank posts 3% rise in Q2 net profit

UAE-based Mashreq Bank, Dubai's third-biggest bank by assets, on Sunday reported a Q2 2017 net profit of AED 557 million, a 3.4 percent year-on-year (YoY) increase.

Net profit for the first half of this year rose 3 percent YoY to AED 1.1 billion, the Dubai-listed lender said in a bourse statement.

Impairment allowance for H1 was down 22.3 percent YoY, while non-interest income remained high at 41.2 percent.

Total assets increased by 2.4 percent in the year to AED 125.8 billion.

Non-performing loans to gross loans ratio was stable at 3.3 percent at the end of June 2017, the bank said.

“We remain moderately optimistic for the second half of 2017. We will continue to invest strongly in digital transformation and digital capabilities, to take advantage of global trends and customer preference shifts,” Mashreq’s CEO AbdulAziz Al Ghurair said in the statement.