Mashreq bank reports 28.3% drop in net profit in Q1 2020 amid Covid-19 - Arabianbusiness:
The UAE’s oldest bank Mashreq has reported a 28.3% drop in net profit in Q1 2020 to total AED450 million compared to AED628 million in the same period last year, as Covid-19 challenges continue.
In a statement on Thursday, the bank said its operating income also declined to AED1.5 billion during the first quarter of the year compared to 2019.
However it said it reported significant growth - 164.5% to be exact - in investment income from AED48m in Q1 2019 to AED127m in Q1 2020.
Its total assets also grew by 2% to AED162.6bn, and loans and advances rose by 2.8% to AED78.3bn compared to December 2019. On the other hand, customer deposits declined by 2.7% to AED88.5bn, while loan-to-deposit ratio remained strong at 88.5%.
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