(MENAFN) A 12 percent flow in profit was announced by Mashreq Bank, a flow reached Dh1.7 billion for the first nine months ending in September 30, 2017 compared to the same period of 2016.
The bank has been successful increasing its loan book by six percent, according to Mashreq's CEO Abdulaziz Al Ghurair.
Al Ghurair said, "It has been a period of muted growth for the UAE banking system with the banking sector Gross Credit growing by only 0.3 per cent as of August 2017".
"With a focus on cost management that has seen us reduce operating expenses by 1.7 percent year-on-year and a strong 30 percent decline in credit costs, I am delighted to report a 12 percent year-on-year increase in net profits for the first 9 months of the year. Our strong liquidity and capital position has us well placed to capitalize on future growth opportunities," he added.
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