Mashreq declares a net profit of AED 2,402 Million for 2015
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- Adrian Sparks
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1 Mashreq declares a net prfit f AED 2,402 Millin fr 2015 Dubai, UAE; 27 th January 2016: Mashreq, ne f the leading financial institutins in the UAE, tday has reprted its financial results fr the year ending 31 st December Key highlights [2015 vs 2014]: Stable grwth in Operating Incme Operating Incme up 2.3% year-n-year t AED 6.0 billin driven by strng grwth in Net Interest Incme Net Interest Incme up by 7.3% year-n-year, n the back f a 9.0% y--y increase in average lan vlume Net prfit fr 2015 std at AED 2.4 billin Cnsistently high prprtin f net fee and cmmissin incme Mashreq s best-in-class Net Fee, Cmmissin, Investment and Other Incme t perating incme rati remained high at 45.4% Net Fee and Cmmissin incme increased by 0.9% year n year Strng balance sheet (2015 vs 2014) Ttal Assets increased by 8.8% in the year t reach AED billin; Custmer Depsits increased by 7.5% t reach AED 73.6 billin Lan-t-Depsit rati remained rbust at 81.7% at the end f December 2015 Healthy liquidity and capital psitin Liquid Assets t Ttal Assets std at 29.9% with Cash and Due frm Banks at AED 34.4 billin Capital adequacy rati and Tier 1 capital rati cntinue t be significantly higher than the regulatry limit and std at 16.9% and 15.9% respectively Sustained asset quality Nn-Perfrming Lans t Grss Lans rati decreased t 2.8% at the end f December 2015 (3.7% as f December 2014). Ttal Prvisins fr Lans and advances reached AED 2.8 billin, cnstituting 145.0% cverage fr Nn-Perfrming Lans 1
2 Mashreq delivered stable financial results fr the year ending December 2015, reprting a net prfit f AED 2.4 billin. Earnings per share are strng at AED as f December Net prfit [AED millin] 2
3 Mashreq s CEO, Abdul Aziz Al Ghurair cmmented, The Bank has maintained a steady perfrmance in the difficult market cnditins, prving nce again that being prepared is half the battle wn. As many thers in the industry, we read the signs f the market sftening early and tk decisins t mderate ur grwth strategy accrdingly. As a result, the year has delivered stable financial results fr the year ending December 2015, reprting a Net Prfit f AED 2.4 Billin and Earnings per Share f AED I believe this is remarkable when yu cnsider hw rapidly the market sentiments deterirated in the last tw quarters f the year, influenced by the tumbling price f il that has had strng impact n all the GCC ecnmies. He added, When viewed against the fact that this has been accmpanied by the intrinsic imprvement in ur business where Mashreq cntinues t have the best in class Net Fee, Cmmissin, Investment and Other Incme at 45% f ur Operating Incme, a strng Balance sheet grwth and a rbust 81.7 % Lan-T- Depsit rati, we feel very prepared t face the challenges f the new year. Mrever ur NPL rati has declined t 2.8% with a cnfidence inspiring NPL cverage f 145%. Al Ghurair added, Nw mre than ever, we need t be creative in ur apprach t serving ur custmers even better, faster and in innvative ways s that we cntinue n ur strategic path t achieve ur lng term gals. The fact is that we are passing thrugh a perid f great ecnmic change in the wrld, and I believe that we must prceed with determinatin t fcus n the essentials t make banking smther and frictin free fr ur clients and custmers. We remain cnfident that the UAE s effrt in ecnmic diversificatin means it is likely t weather this turmil with grace and emerge strengthened, with a banking industry that is a beacn f prudence t the wrld. Operating Incme Ttal perating incme fr 2015 was AED 6.0 billin, a year-n-year increase f 2.3% cmpared t 2014 perating incme f AED 5.8 billin. Net Interest Incme at AED 3.3 billin was up by 7.3% cmpared t 2014, driven by 9.0% year-n-year increase in average lan vlume. There has been a slight decline in net interest margin frm 3.20% as f December 2014 t 3.10% as f December On a quarterly basis, Net Interest Incme has 3
4 mderately decreased by 1.6% t AED 813 millin in 4Q 2015 as cmpared t AED 826 millin in 3Q Net fee and cmmissin increased slightly by 0.9% year-n-year t reach AED 1.7 billin. Net fee and cmmissin incme represented 63.5% f ttal nninterest incme in 2015 as cmpared t 60.9% in Operating expenses increased by 11.9% year-n-year and by 7.7% quartern-quarter t reach AED 2.5 billin; Efficiency Rati at 41.4% in 2015 increased slightly with respect t last quarter (40.9% as f 9 mnths 2015). Net interest margin [%] Assets and Asset quality Mashreq s Ttal Assets increased by 8.8% t reach AED billin in 2015, cmpared t AED billin at the end f Lans and Advances increased by 3.0% in the quarter t end at AED 60.2 billin. On a year-nyear basis, Lans and Advances grew by 3.7% driven by 14.0% grwth in Islamic finance. Liquid Assets t Ttal Assets std at 29.9% with Cash and Due frm Banks at AED 34.4 billin as f December Lan-t-Ttal Assets Rati at 52.3% fell slightly as cmpared t 54.8% at the end f 2014 (52.4% in September 2015). Custmer Depsits at AED 73.6 billin, increased by 7.5% as cmpared t December 2014, driven by 61.9% grwth in Islamic depsits and 3.1% grwth in cnventinal depsits. Lan-t-Depsit rati std at 81.7% vs 84.8% in December On a quarter n quarter basis, custmer depsits grew by 0.8% frm AED 73.1 billin in September 2015 driven by cnventinal depsits. 4
5 Nn-Perfrming Lans reduced t AED 2.0 billin in December 2015 leading t a Nn-Perfrming Lans t Grss Lans rati f 2.8% at the end f December 2015 (2.9% in September 2015). Net Allwances fr impairment fr 2015 were AED 1.0 billin as cmpared t AED 1.1 billin in Ttal Prvisins fr Lans and advances reached AED 2.8 billin, cnstituting 145.0% cverage fr Nn-Perfrming Lans as n December NPL and Cverage Rati [%] Capital and Liquidity Mashreq s Capital adequacy rati std at 16.9% (regulatry minimum f 12%) as f December 2015 cmpared t 16.6% as f 31 December Tier 1 capital rati at 15.9% cntinues t be significantly higher than the 8.0% regulatry minimum stipulated by the UAE Central Bank (15.3% as f 31 December 2014). Capital Adequacy and Tier 1 Rati [%] 5
6 Operatinal Update: Crprate Banking: The Crprate Banking Grup has cntinued its trend f prviding wrld class financing slutins with an emphasis n bth relatinship management and the prvisin f innvative slutins in the frm f new prducts and services. Glbal Transactin Services has cntinued its digital jurney with launch f Hstt-Hst services enabling seamless integratin f the Crprate Online Banking platfrm mashreqmatrix with the custmers ERP systems. Mashreq is a leading player in the transactin banking space in the regin; this quarter saw the GTS prducts and services receive 5 prestigius industry acclades : Best Cash Management Services in Middle East in 2015, Best Factring Services in Middle East in 2015, Best Prduct Launch in Middle East in EMEA Finance, Wrld s Best Crprate/Institutinal Digital Bank Award in UAE in Glbal Finance, Trade Bank f the Year - UAE - Finance Mnthly M&A Awards The acclades are recgnitin f Mashreq s ability t understand and meet the demand fr value added services which can integrate seamlessly with the clients business requirements. Crprate Finance had a fantastic Q4 clsing ver US$1.4 billin (AED 5.1 billin) in transactin value in the quarter itself. Ntable transactins include the arranging f US$500m fr JBF RAK and US$275m fr Ryal Jrdanian Airline, bth as a sle bk runner. On the FI side, the team arranged a US$100m fr Stanbic IBTC Bank (Nigeria) as a sle bk runner and US$250m fr Banque Misr (Egypt) which given the market cnditins were majr accmplishments. The strng quarter has resulted in Crprate Finance psting a slid perfrmance fr Further with the existing pipeline under executin the unit remains well psitined t kick start Real Estate Finance & Advisry successfully deplyed ver AED 600 millin f the bank s capital acrss the cmmercial, industrial, hspitality and residential sectrs during the final tw mnths f the year, and riginated deal flw f mre than AED 1 billin heading int 1Q In additin, the divisin is wrking n tw landmark mandates in the fund management space advising a diversified lcal cnglmerate n the structuring and establishment f the first nshre real estate fund in the UAE, and launching the UAE s first DIFC-based real estate Qualified Investr Fund ( QIF ) in partnership with a prminent real estate private equity 6
7 firm in Abu Dhabi. The QIF will have an equity size f US$ 300 millin and will als raise debt fr Shariah-cmpliant investments in high-yielding assets. Retail Banking: Mashreq has cntinued t enhance its innvative fferings and t ffer simplified financial slutins t custmers. The Retail Banking Grup launched Instant Cash via the nline banking platfrm. With this facility, custmers can nw bk Easy Cash instantly n their credit cards, transfer ther bank card balance t Mashreq by applying fr Balance Transfer r bk an Easy Payment Plan via the nline banking platfrm. Custmers can nw apply fr a Easy Cash Lan f up t 75% f the available Credit Card limit and have the ptin t repay in easy installments at lw interest rates. This is an ideal slutin fr times f emergency r when mney is needed in a hurry. The instant Easy Cash is a cnvenient facility that cnverts the available credit card limit int instant cash and allws custmers t receive mney instantly in their accunt. The prcess invlved is simple with n paper wrk, n waiting time and repayment can be dne in easy installments. An added advantage is that custmers can chse t transfer cash t a Mashreq accunt, anther bank accunt r t use the Cardless Cash ptin via Mashreq ATMs. The new and unique feature f Cardless Cash ptin allws custmers t use an authenticatin cde generated nline n any Mashreq ATM t access funds withut using a debit/credit card free f charge. In line with its apprach t reward custmers, Mashreq ran a Business Lan campaign raffle draw fr a chance t win a BMW 320i and ther amazing prizes. The campaign awarded all business banking custmers, wh applied fr Mashreq Business Lan, Self Emplyed Persnal Lan r Trade and Wrking Capital Facility, a guaranteed gift vucher f AED 250. In additin t this, there were mnthly draws t give 25 prizes frm a range f smartphnes, tablets and travel vuchers and the grand draw als included the pprtunity fr ne lucky custmer t drive away in a BMW 320i. Mashreq Cards nce again intrduced the mst exciting verseas shpping ffers exclusively fr its Credit and Debit Cardhlders. Every purchase made when verseas guaranteed the Mashreq cardhlder their next free verseas trip - the ffer als included a guaranteed free air ticket wrth AED 1,000 t fly t any destinatin f chice fllwing transactins wrth AED 20,000 verseas in freign currency. Mashreq cardhlders were als rewarded with air ticker vuchers wrth AED 800, AED 500 r AED 350 based n varius verseas spend threshlds. 7
8 Mashreq als rlled ut a special ffer fr cash withdrawals n debit cards while travelling abrad. Cardhlders culd enjy whpping 5% cash back n minimum threshlds set fr cash withdrawals dne verseas. As part f its rle in the cmmunity as ne f the leading UAE financial institutins, the Bank cmmemrated the Flag Day, Martyrs Day and Natinal Day; Mashreq celebrated the develpment f ne f the mst prgressive cuntries in the wrld. T share in that spirit f Natinal Pride, Mashreq launched a mnth lng campaign, Mashreq #YuAE. This was launched with the bjective f identifying and thanking thse that have cntributed t this natin s nging successes. The Regin s first fully autmated banking branch imashreq scped the Best Branch Experience award at the 11th Annual Custmer Experience Benchmark Index (CEBI 2015) rganized by Eths Integrated Slutins, the reginal leader in delivering excellence in custmer experience. imashreq is the regin s first fully autmated branch designed fr custmers t carry ut their banking transactins at any time f day. imashreq allws custmers t instantly and digitally pen accunts, make utility payments, apply fr new credit cards, request lans and much mre. Fr the 5 th cnsecutive year, Mashreq Al Islami, the Islamic banking divisin f Mashreq was annunced the winner f Best Islamic Windw 2015 at the 10 th Islamic Business & Finance attended by sme 200 Islamic bankers and financiers frm arund the wrld. The award is a reflectin f the cmmitment and highest standard f custmer service Mashreq Al Islami has delivered. Internatinal Banking: Mashreq s Internatinal business cntinued t deliver impressive grwth and increased its cntributin t the banks verall revenues despite cmpetitive challenges including negative impact f reduced il prices in sme f ur markets. While all businesses and presence cuntries perfrmed well, Egypt and Bahrain led the way with utstanding grwth in bth revenues and net prfit. Mashreq was the Originatr and mandated lead arranger fr sme f the largest syndicatin deals in Egypt, Bahrain and Qatar and wn varius awards alng the way, including Deal f the Year, Best Crprate Accunt, Best Cash 8
9 Management, Best SME Trade Finance, and Best SME Internet Banking frm Banker Middle East fr Bahrain. Mashreq als wn the Best Crprate Bank award frm Glbal Banking & Finance fr the third year in a rw in Qatar. The C Ring rad Branch and Head Office in Dha was mved t a new - state f the art premises. Further a fifth branch was added n Bank Street in Qatar with a dedicated Trade Services Desk. The FI Business has cntinued t maintain its leadership psitin in Suth Asia regin and is als strngly making its presence felt in new gegraphies including Turkey and Africa. Varius new technlgical enhancements including Electrnic funds Transfer System in Bahrain and Electrnic Cheque Clearing System in Qatar were intrduced t supprt Mashreq s grwing business in the internatinal sphere. Treasury and Capital Market: In what cntinues t be a challenging and vlatile macr envirnment, Mashreq was able t grw its Treasury prduct suite acrss asset classes, supprted by an nline trading platfrm and 24 hur dealing rm. Increased FX vlatility assisted the FX & Derivatives business t achieve strng results and the Rates & Structured Slutins business clsed several large ticket hedging transactins fr clients acrss the regin, including a structured Prfit Rate Swap fr a real estate lan. The Bnd Brkerage business established relatinships with several asset managers based in the US t enhance bnd/ sukuk trading, whilst als wrking with a UAE based crprate n a partial buyback f their sukuks. The Asset Management business achieved strng grwth Mashreq s fixed incme funds (bth cnventinal and Sharia h cmpliant) remain amngst the tp perfrming funds in the market 2015 Awards: Meeting f the Cuncil f Ministers f Labr t hnr rganizatins frm the private sectr Mashreq Emiratisatin - Outstanding Perfrmance Award The Custmer Festival Middle East Best Scial Media Strategy 10th Islamic Business & Finance 9
10 Islamic Windw 11th Annual Custmer Experience Benchmark Index (CEBI) Best Branch Experience imashreq Pan Arab Excellence Academy Glden Award (Banks categry) - Mashreq Snapp Best Custmer Experience Management, Middle East Summit rganized by IQPC Best Custmer Experience Management Brand by a Call Center in Middle East Best use f Technlgy t imprve Custmer Experience by a Call Center Custmer Experience Champin f the year MasterCard Innvatin Frum Mst Innvative Cnsumer Marketing Campaign in the Middle East & Africa CSR Label Dubai Chambers EMEA Finance Awards Treasury Services Awards Best cash management services in the Middle East Best factring services in the Middle East Glbal Finance Awards (Wrld s Best Cnsumer Digital Banks In The Middle East and Africa) Cuntry Winners categry: Best Cnsumer Digital Bank in Qatar - Mashreq Reginal Sub-categry winners: Best Integrated Cnsumer Bank Mashreq UAE Gallup Great Wrkplace Award Finance Mnthly M&A Awards Trade Finance Firm f the year UAE Banker ME Industry Awards Best Reginal Retail Bank Best Private Bank - UAE Best Branding GCC Best Real Estate Financing Annual Insight Middle East Call Centre Awards Best Custmer Care Best Custmer Experience Management Best in CRM Management Best Service t Sales Best VOC Implementatin in Large Organizatin Smart Card & Payments Awards, Middle East Best Premium Card Slitaire Credit Card Best Credit Card Mashreq smiles 10
11 Best Debit Card - Mashreq Private Banking VISA Infinite The Asian Banker's Excellence in Retail Financial Services Best Scial Media Engagement in the Middle East Award Best Emplyee Engagement in the Middle East Award Retail Banker Internatinal Awards Middle East Retail Bank f the year 2015 Islamic Finance News Best Islamic Deal f The Year Award in Qatar Glbal Banking & Finance Review Awards Best Crprate Bank Qatar 2015 Best Retail Bank Qatar 2015 Best Custmer Service Bank Qatar 2015 Best Retail Bank UAE 2015 Mst Innvative Banking Initiative (imashreq) UAE 2015 Innvative Islamic Banking Slutins Prvider UAE 2015 Arab Organizatin fr Scial Respnsibility Award Crprate Scial Respnsibility Award Banker Middle East Prduct Awards Best Premium Banking Service Best Mbile Banking Service Best Real Estate Advisry Best Self Emplyed Finance Best Debit Card Best SME Exchange Service Super brands Glbal Finance Best Reginal Debt Bank in the Middle East Best Investment Bank in the UAE MENA Fund Manager Awards Best Fixed Incme fund in a 3 year categry Sharia h Cmpliant Fixed Incme fund f the year 11
12 Appendix 1: 2015 Year End Financial Highlights 2015 Financial Highlights Annual Trend Quarterly Trend % Q4'15 % Incme statement (AED mn) YE'15 YE'14 YY Q4'15 Q3'15 Q4'14 QQ YY Net Interest Incme 3,262 3, (1.6) (0.2) Fee and cmmisin 1,724 1, Investment Incme (10.0) Insurance,FX & Other Incme (9.5) (15.9) Ttal Operating Incme 5,978 5, ,519 1,443 1, Operating Expenses (2,473) (2,210) 11.9 (650) (603) (597) Operating Prfit 3,505 3,635 (3.6) (5.6) Impairment Allwance (1,000) (1,075) (7.0) (318) (258) (215) Overseas Tax Expense (71) (74) (5.1) (7) (19) (34) (59.9) (78.3) Nn-Cntrlling Interest (33) (85) (61.8) 12 (12) (27) (203.3) (143.7) Net Prfit fr the Perid 2, , (13.7) EPS [AED] (17.8) % % Balance Sheet (AED mn) Dec'15 Dec'14 Dec'15 Sep'15 Dec'14 QQ YTD Ttal Assets 115, , , , , Lans and Advances 60,166 58, ,166 58,386 58, Custmer Depsits 73,635 68, ,635 73,070 68, Sharehlder's Funds 17,769 16, ,769 17,252 16, Key Ratis (%) Dec'15 Dec'14 bps Dec'15 Sep'15 Dec'14 bps bps CAR (Capital Adequacy rati) Tier 1 Rati Lan-t-Depsits (3.04) (3.04) Return-n Assets* (0.29) (0.10) (0.29) Return-n-Equity* (1.53) (0.57) (1.53) Fr media enquiries, please cntact: -ENDS- Huda Ismail Nssrin Khalil Public Relatins, Mashreq Public Relatins, Mashreq Tel: Tel: HudaI@mashreq.cm NssrinK@mashreq.cm Fr investr relatins enquiries, please cntact: Ali Zaigham Agha Investr Relatins, Mashreq Tel: AliAgha@mashreqbank.cm 12
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