The Banking Executive Magazine - July Issue 2021

Mashreq Mashreq Posts AED 85 MILLION NET PROFIT FOR 1H 2021 Mashreq, one of the leading financial institutions in the UAE, today has re- ported its financial results for the first half ending 30th June 2021. KEY HIGHLIGHTS: • Operating Income on an increas- ing trajectory • Operating Income has increased by 1.4% over the previous year to AED 2.9 billion due to improve- ments in fees and commission • Mashreq’s non-interest income to operating income ratio improved to 49.8% (47.1% as of June 2020) • Operating profit at AED 1.6 billion is a 4.6% increase compared to 1H 2020 as a result of increased oper- ating income and reduced operat- ing expense • Impairment allowance stands at AED 1.5 billion vs AED 978 mil- lion for 1H 2020, reflecting conser- vative provisioning policy COMFORTABLE LIQUIDITY & CAPITAL POSITION • Growth of 8.1% YTD in Customer deposits to reach AED 95.4 billion • Liquid Assets ratio stood at 31.8% with Cash and Due from Banks at AED 50.1 billion as on 30th June 2021 the BANKING EXECUTIVE 24 ISSUE 151 JULY 2021