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Mashreq chairman ‘cautiously optimistic’ amid uncertain banking landscape

Mashreq chairman ‘cautiously optimistic’ amid uncertain banking landscape

AbdulAziz Al Ghurair makes comments as Mashreq reports AED85m net profit for first six months of 2021 The chairman of Dubai-based banking major Mashreq on Wednesday admitted the short-term outlook remained “uncertain” as the bank reported a net profit of AED85 million for the first half of 2021. Operating Income increased by 1.4 percent over

AbdulAziz Al Ghurair makes comments as Mashreq reports AED85m net profit for first six months of 2021

The chairman of Dubai-based banking major Mashreq on Wednesday admitted the short-term outlook remained “uncertain” as the bank reported a net profit of AED85 million for the first half of 2021.

Operating Income increased by 1.4 percent over the previous year to AED2.9 billion due to improvements in fees and commission, Mashreq said, adding that impairment allowance stands at AED1.5 billion versus AED978 million for the first half of last year.

Dubai’s Mashreq Bank prepares for a digital-only future

Dubai-based Mashreq Bank PSC now operates just 10 branches in the United Arab Emirates, down from 34 two years ago

Total assets increased by 9 percent to AED172.8 billion and Loans and advances increased by 8 percent to AED77.3 billion, it said.

AbdulAziz Al Ghurair (pictured below), chairman of Mashreq Bank, said: “Recording a net profit of AED85 million during the first half of 2021, I believe we are fortunate to have been steered through the pandemic and its far-reaching impacts by a national leadership that has taken proactive measures to protect business interests, jobs and economic stability.

“As regional and global markets adjust to the dynamics of a partially vaccinated world population and a fast-evolving virus, the near to mid-term-outlook remains uncertain.

“The extension of TESS to June 2022 reflects this reality. However, we remain cautiously optimistic that with the continued support of the UAE national government, a continued economic recovery and Mashreq’s ongoing digital transformation, the future looks promising.”

Ahmed Abdelaal, Group CEO, Mashreq Bank, said: “Our focused strategy and advanced digital transformation program served Mashreq well throughout the first half of 2021. These fundamentals have ensured that the bank’s financial strength remains robust throughout the period.

“Additionally, our core businesses across retail banking, corporate and investment banking, and our international franchises remain strong.”

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