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Mashreq Bank IFSC Code and MICR Code:

Mashreq Bank state wise list of all branches, IFSC code, MICR code and Addresses within India

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Mashreq Bank IFSC Code

About Mashreq Bank

Mashreq Bank was founded in 1967 in a successful manner in the open market. Its head quarter is located at Dubai, in United Arab Emirates. The key people associated with this bank are Abdulla Al Ghurair who holds the post of Chairman and Abdul Aziz Abdullah Al Ghurair who holds the post of CEO. In the United Arab Emirates (UAE), Mashreq PSC is one of the leading financial institutions. In nine countries, including the United States, Asia, Europe and Africa, Mashreq has 12 overseas offices that serve the new and old esteemed customers with a lot of perfection.

Mashreq Bank has captured the hearts of the esteemed customers with its satisfactory serves and mutual trust in the given market. It deals perfectly with products such as Retail banking, finance and insurance, corporate banking and mortgage loans. Some of the exclsuive offers are Bouquet of Savings, Spectrum of Term Deposit and Advances, Western Union Money Transfer, Salary Privilege, Current Account, MoneyAlert, KYC Policy, Mobile Banking, eCommerce, Gold Card, Gift Card, Car Finance, Easy Ride, Insta Cash, Lease N Cash, Mortgage and Travel Card. This is the right bank for investing the customers hard earned money with lot of confidence. The bank adopts latest technology to a great extent.

Basic of IFSC Code

Indian Financial System Code (IFSC) is an alphanumeric code which specifically identifies a Bank Branch participating in the two main Electronic Funds settlement system in India like Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). IFSC code comprises of 11 characters that identifies bank branches participating in online fund transfers. IFSC code is utilized by the NEFT & RTGS to route the messages to the destination branches.

IFSC Code of Mashreq Bank

Mashreq Bank IFSC code can be used to transfer money online by NEFT and RTGS systems. Mashreq (Bank) NEFT, RTGS and IMPS codes are offered by RBI. NEFT transactions are settled in batches while RTGS transactions are settled individually. An IMP presents an instant 24X7 electronic fund transfer. IFSC Code is an alphanumeric 11 character code to identify bank branches to transfer funds. This code is unique for each branch.

How to Search For IFSC Code of Mashreq Bank?

It assists you to find out information about Mashreq (Bank) Branches in India. You may exploit the search box or state wise list of Mashreq Bank branches to find your branch. Enter branch name, district, city, state to find IFSC codes, branch address, location etc.

About MICR Code

MICR stands for Magnetic Ink Character Recognition. It contains numeric values and usually printed on cheque leaves. It is mainly used for processing cheques easily.

How to Search MICR Code of Mashreq Bank

Mashreq (Bank) MICR code is given in table alongside. Along this information, details such as address as well as contact numbers are also offered. You may narrow down search either by choosing any particular state from the drop down list or by choosing the state from MICR codes list given on the right side. One may find MICR Codes of Mashreq Bank branches here.

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Mashreq Bank IFSC Code News:

Dubai’s Mashreq Bank reported decline in Q2 net profits this year in comparison to 2015

In second-quarter net profit of Mashreq Bank falls 16.1% as a result of bad debt. Cases of bad loans increased twice while commission income and fees decreased tremendously which lowered Q2 net profits of Mashreq Bank, Dubai’s third-largest lender by assets, reported on Wednesday, 20th July-2016.

Mashreq Bank has stated decreasing profits for the last four financial quarters, because of fall in the care and skills required in operating condition of the banks in the United Arab Emirates (UAE).

According to the reported statements, the bank made profits of 643.3 million dirhams for the three months to June 30, in 2015 whereas the net profits for the same period in 2016 were 539.4 million dirhams ($146.8 million). The net profits have gone down within a year.

However, it was predicted that the bank will achieve a net profit of 588 million dirhams for the stated duration by Arqaam Capital.

Oil prices decreased from UAE mid-2014 peak, ever since UAE banks have been altering their banking operation to adjust to the demanding business environment. The fall in prices affects every economic activity.

Second-quarter earnings for, 2016 is either flat or lower for almost all UAE banks.

Abdulaziz-al-Ghurair, Mashreq Bank chief executive stated that they are staying positive for the remaining months of 2016 and they are fully aware of the challenges that they may come across.

Their strategy for the remaining months of 2016 and early 2017, is to cut down expenses, providing enough room for grabbing opportunities.

One of the statements stated, in the second quarter the bank made impairment allowances equal to 472.3 million dirhams. In the same three months in 2015, to cover non-performing loans more than double the amount of cash was set aside.

Year after year dragging earnings is dropping, it was 3.2% in net fee and commission income to 447.4 million dirhams.

This year dragging earnings and net income was too small in comparison to last year’s net interest income and from Islamic financing on the same corresponding months. Last year it was 1.8% increase, amounting to 834.4 million dirhams.

With reference to the statement, Bank reported net profit of 1.29 billion dirhams last year, for the first half of the year, which was higher than this year net profit amounting to only 1.07 billion dirhams. This clearly states the net profit has gone down this year.

($1 = 3.6723 UAE dirham)

2016/07/25 04:09 AM

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