Mashreq reports slight improvement in full-year 2019 net income – The National

Mashreq reports slight improvement in full-year 2019 net income – The National

The lender is pivoting to digital banking to cut costs and improve efficiencies. Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, reported a slight improvement in its full-year 2019 net income, helped by its digitalisation push as impairment allowances fell and its asset base grew.. Impairment charges for the reporting period fell 1.5 per cent year-on-year to Dh1.2bn, while its asset base grew 11.8 per cent to Dh159.4bn at the end of last year, it added.. "Mashreq Bank continued to register strong performance and achieved a healthy net profit," Ahmed Abdelaal, Mashreq's chief executive said, adding that all of the bank's businesses performed well.. Mashreq, which plans to spend Dh500m on digital transformation over a five-year period, has invested in several digitisation initiatives that helped it improve productivity, achieve cost efficiencies and enhance customer experience.. Mashreq plans to shut half of its branches in the UAE this year, replacing physical infrastructure with digital branches as increased technology use reduces the need for as many branches.. Its digital drive last year saw it continue this transformantion and introduce a digital-only bank for small and medium-sized enterprises, Mr Abdelaal said in a statement accompanying the lender's results.. "The banking