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Mashreq Bank’s profits slide 28% in Q1-20

Mashreq Bank’s profits slide 28% in Q1-20
Total assets of the bank stood at AED 162.5 million in Q1-20
-0.40% 62.75 -0.25

Dubai – Mubasher: Mashreq Bank’s net profits dropped by 28.3% annually in the first quarter (Q1) of 2020 to reach AED 450 million, compared to AED 628 million in Q1-19.

Operating revenues also slipped by 3% to AED 1.52 billion in Q1-20, compared to AED 1.56 billion in the corresponding period a year earlier, according to a press release on Thursday.

In the meantime, the lender’s total assets stood at AED 162.5 million, 14.7% higher than AED 141.6 million registered in Q1-19.

It is worth noting that in the fiscal year (FY) 2019, Mashreq Bank recorded AED 2.065 billion worth of net profit, 0.2% higher than AED 2.060 billion in 2018.