Mashreq, one of the leading financial institutions in the UAE, said its net profit for the year ending December 31, 2017 hit Dh2.1 billion ($571 million), thus registering a 6.5 per cent jump over the same period the previous year.

Announcing the results, Mashreq said its impairment allowance fell 14.2 per cent year-on-year, while its operating expenses were lower by two per cent on the back of effective cost management. The Dubai-based bank's investment income was up by 84.9 per cent YoY.

Boasting a strong balance sheet, Mashreq said its total assets increased by 1.9 per cent and stood at Dh125.2 billion while loans and advances grew by 2.9 per cent in the year to reach Dh62.7 billion.

Loan-to-Deposit ratio remained robust at 82.5 per cent at the end of December 2017, it stated.

On the solid performance, CEO Abdul Aziz Al Ghurair said: "We are pleased to report the financial results for Mashreq Bank in 2017. Despite global economic uncertainty and the slight slowdown in the GCC region, we saw steady growth across all divisions of the bank, and our net profit stood at Dh2.1 billion, up by 6.5 per cent compared to last year."

He pointed out that 2017 was a milestone year for the bank. "In addition to consistently reporting strong financial results and continuing to grow our business, we also celebrated our 50 year anniversary in the UAE," remarked Al Ghurair.

According to him, 2017 also saw the official launch of Mashreq Neo, its full-service digital bank and the first of its kind in the region.

"We will continue to focus on providing innovative products and services and strengthening our digital capabilities to meet the evolving demands of our customers and maintain our leadership position in the market. Innovation has been at the heart of the Bank for the past 50 years and this will continue well into the future," noted Al Ghurair.

"Moving forward, we will also continue to support the ongoing economic agenda of the UAE. While there may be challenges ahead, I am confident that we are well-positioned to capitalize on the improving economic backdrop in the UAE. I look forward to seizing these opportunities and continuing this momentum into 2018," he added.-TradeArabia News Service