In the second quarter of this year, Mashreq Bank achieved a 17-fold jump in its profits compared to the same quarter of 2021, reaching 793 million dirhams.
The bank’s profits jumped during the first half of 2022 by regarding 15 times on an annual basis, to record 1.4 billion dirhams, and earnings per share amounted to 6.97 dirhams.
This increase in net profits during the second quarter is due to the improvement in net interest income by 36%, in addition to the decrease in provisions during the same period by regarding 69% on an annual basis.
The bank’s results showed an increase in customer deposits in the first half of this year by 8% to reach 109 billion.
On the other hand, the bank’s loans and advances rose during the same period by regarding 10%, keeping the ratio of loans to deposits stable at 82%.
