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Mashreq Bank turns to losses in 2020

Mashreq Bank turns to losses in 2020
The bank's total assets reached AED 158.523bn
Mashreq
MASQ
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Dubai – Mubasher: Mashreq Bank has logged net losses of AED 1.278 billion in 2020, against net profits of AED 2.065 billion in the previous year.

The bank's net interest income and income from Islamic products net of distribution to depositors reached AED 2.676 billion in 2020, down from AED 3.707 billion in 2019, according to the bank's consolidated financial statements for 2020.

The bank's total assets reached AED 158.523 billion as at December 2020, down from AED 159.43 billion as at December 2019.

The loss per share stood at AED 7.2 last year, against earnings per share (EPS) of AED 11.63 in 2019.

During the fourth quarter (Q4) of 2020, the bank incurred net losses of AED 1.63 billion, versus net profits of AED 308 million in the year-ago period.

The Chairman of Mashreq, AbdulAziz Al Ghurair, said: "COVID-19 has been both a significant disruptor as well as a catalyst for positive change in business operations."

Meanwhile, the Group CEO of Mashreq Bank, Ahmed Abdelaal, remarked: "We expect to see a challenging first half in 2021, but are cautiously optimistic for a recovery in the second half. As we begin to look forward, it is important to recognise that the future of banking is rapidly merging with the trajectory of technology."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the bank recorded net losses of AED 183.1 million, against AED 535.8 million in the same quarter of 2019.