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Mashreqbank names CEO as new chairman, posts YOY fall in Q3 net profit

Mashreqbank PSC said CEO Abdul Aziz al-Ghurair will become its new chairman, succeeding Abdullah Ahmed al-Ghurair, who decided to step down.

The United Arab Emirates-based lender noted that Abdul Aziz al-Ghurair resigned as CEO of the bank and will be replaced by Ahmed Mohamed Abdelaal, who was the bank's head of corporate and investment banking for the last two years.

The changes come as the bank reported third-quarter profit attributable to owners of 535.8 million dirhams, down from 586.6 million dirhams a year ago. EPS for the quarter was 3.02 dirhams, compared to 3.31 dirhams a year earlier.

Net interest income and net income from Islamic products declined on a yearly basis to 897.9 million dirhams in the quarter from 937.6 million dirhams. Net fee and commission income amounted to 328.1 million dirhams in the period, up from 323.3 million dirhams in the third quarter of 2018.

Net impairment allowances fell year over year to 223.1 million dirhams from 248.6 million dirhams. General and administrative expenses increased on a yearly basis to 677.4 million dirhams from 637.3 million dirhams.

For the nine months to September-end, the Dubai-based bank posted attributable profit of 1.76 billion dirhams, up from 1.75 billion dirhams in the same period in 2018.

As of Sept. 30, Mashreqbank's capital adequacy ratio stood at 16.75%, up from 16.45% at the end of December 2018.

As of Oct. 14, US$1 was equivalent to 3.67 United Arab Emirates dirhams.