Mashreq’s Q3 profit rises on strong capital and liquidity
Mashreq, the Dubai lender controlled by the Al Ghurair family, posted a higher profit during the third quarter of this year, underpinned by a strong capital and liquidity position.
The company declared a net profit of Dh180m ($50m) in three months to the end of September, compared to a net loss of Dh183m during the same period last year, the lender said in a statement to the Dubai Financial Market, where its shares are traded. It was more than three-fold up on a quarterly basis.
The UAE national economy has returned to growth, providing new opportunities for Mashreq across all lines of business, Abdul Aziz Al Ghurair, chairman of Mashreq, said in a statement on Tuesday.
Despite a conservative risk strategy, the bank has been able to deliver “robust growth and maintain a comfortable liquidity position, providing fiscal headroom to continue to invest in our most vital asset, our people”.
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