Dubai – Mubasher: Mashreq Bank has reported a net profit AED 308 million during the fourth quarter (Q4) of 2019, registering a decline of 1.4% year-on-year (YoY) when compared to AED 312 million during the corresponding period in 2018.

Similarly, the UAE bank posted a decrease of 1.4% in earnings per share (EPS) to AED 1.73 in Q4-19 from AED 1.76 in Q4-18, according to the financial results for fiscal year 2019 on Monday.

During the full year of 2019, Mashreq Bank recorded AED 2.065 billion worth of net profit, 0.2% higher than AED 2.060 billion in FY18.

EPS stood at AED 11.63 by the end of 2019, 0.2 up from AED 11.60 in FY18.

Total assets of the bank grew by 11.8% YoY to AED 159.43 billion as registered on 31 December 2019 from AED 142.56 billion in FY18.

Commenting on FY19 financials, Mashreq's CEO, Ahmed Abdelaal, said: “The past year will be remembered as one that saw significant milestones for the bank. During 2019 we invested in, and executed, several digitisation initiatives which will enable us to improve productivity, achieve cost efficiencies, enhance customer experience, and unlock further value across our businesses.”

As for 2020, the CEO highlighted: “As we head into 2020 – hailed as the Year of Getting Ready for the next 50 years in the UAE – there is never a doubt in my mind that we are approaching a significant period in the banking industry.”