Dubai, United Arab Emirates - February 8th, 2018: General Views of Mashreq Bank. Thursday, February 8th, 2018. Jumeirah Beach Road, Dubai. Chris Whiteoak / The National
Mashreq Bank on Thursday reported a 28 per cent drop in its first quarter net profit. Chris Whiteoak / The National

Mashreq bank posts 9.5% increase in first quarter net profit, missing estimates



Dubai-based lender Mashreq posted a 9.5 per cent increase in first quarter net profit, missing analysts’ estimates, as expenses rose and fees and commissions income declined.

Net profit in the three months to the end of March rose to Dh598 million from Dh546m in the year-earlier period, the bank said on Monday.

Two analysts polled by Bloomberg had forecast a mean net profit of Dh623.5m.

Total operating income rose 4 per cent to Dh1.52 billion compared with Dh1.46bn a year earlier.

Operating expenses increased 4 per cent to Dh592m from Dh569m, while fees and commissions income dipped 5.2 per cent to Dh357m from Dh376m.

"Our solid financial performance puts us at the forefront of the banking industry not only locally, but also regionally, and I am confident we will be able capitalise on upcoming opportunities and maintain our momentum for the remainder of 2018," said Abdulaziz Al Ghurair, the bank's chief executive.

Banks in the UAE and wider Arabian Gulf region have suffered in past years from lower income due to the economic slowdown caused by the oil price slump.

Lending to small and medium-sized enterprises that defaulted also dented profitability and prompted banks to become more conservative in lending.

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Meanwhile, Abu Dhabi Islamic Bank, the emirate’s biggest listed Sharia-compliant lender, posted a 2.2 per cent increase in first quarter net profit, missing estimates, as revenue declined because of its conservative lending policy.

Net profit in the three months to the end of March rose to Dh590.4m compared with Dh577.5m a year earlier, it said in a statement. Three analysts polled by Bloomberg had forecast an average net profit of Dh593.3m.

Total revenue decreased 0.7 per cent to Dh1.36bn from Dh1.37bn. Customer financing fell 1.7 per cent to Dh77.3bn from Dh76bn.

“Despite operating in the region’s most competitive banking environment, we believe ADIB is well positioned to take advantage of the UAE’s economic development and diversification, ensuring that our financial strength and focus on innovation delivers a compelling offering to customers,” said Khamis Buharoon, ADIB vice-chairman and acting chief executive officer.

“We cannot ignore that global economic uncertainties remain, and that there are concerns about the pressures of a rising rate environment on major segments of the UAE economy. We will therefore maintain our conservative approach to balancing the risk and reward of new credit extension.”

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

West Indies v England ODI series:

West Indies squad: Jason Holder (c), Fabian Allen, Devendra Bishoo, Darren Bravo, Chris Gayle, Shimron Hetmyer, Shai Hope, Evin Lewis, Ashley Nurse, Keemo Paul, Nicholas Pooran, Rovman Powell, Kemar Roach, Oshane Thomas.

Fixtures:

1st ODI - February 20, Bridgetown

2nd ODI - February 22, Bridgetown

3rd ODI - February 25, St George's

4th ODI - February 27, St George's

5th ODI - March 2, Gros Islet

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

RECORD BREAKER

Youngest debutant for Barcelona: 15 years and 290 days v Real Betis
Youngest La Liga starter in the 21st century: 16 years and 38 days v Cadiz
Youngest player to register an assist in La Liga in the 21st century: 16 years and 45 days v Villarreal
Youngest debutant for Spain: 16 years and 57 days v Georgia
Youngest goalscorer for Spain: 16 years and 57 days
Youngest player to score in a Euro qualifier: 16 years and 57 days

Asia Cup Qualifier

Final
UAE v Hong Kong

Live on OSN Cricket HD. Coverage starts at 5.30am

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AS WE EXIST

Author: Kaoutar Harchi 

Publisher: Other Press

Pages: 176

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India Test squad

Kohli (c), Dhawan, Rahul, Vijay, Pujara, Rahane (vc), Karun, Karthik (wk), Rishabh Pant (wk), Ashwin, Jadeja, Kuldeep, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur

Key fixtures from January 5-7

Watford v Bristol City

Liverpool v Everton

Brighton v Crystal Palace

Bournemouth v AFC Fylde or Wigan

Coventry v Stoke City

Nottingham Forest v Arsenal

Manchester United v Derby

Forest Green or Exeter v West Brom

Tottenham v AFC Wimbledon

Fleetwood or Hereford v Leicester City

Manchester City v Burnley

Shrewsbury v West Ham United

Wolves v Swansea City

Newcastle United v Luton Town

Fulham v Southampton

Norwich City v Chelsea

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

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Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
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The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 


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