Mashreq Bank delivered strong first-half results for 2024, with consolidated net profit climbing 14% year-on-year to AED 4 billion — underscoring the Dubai-headquartered lender's momentum as the UAE economy continues to attract record foreign investment.
H1 2024 Profit and Revenue Growth
The bank's net profit before tax rose 24% year-on-year to AED 4.5 billion, while operating profit increased 21% compared with the same period in 2023, moving from AED 3.7 billion to AED 4.5 billion. Net interest income grew 17% year-on-year, and non-interest income surged 26% to reach AED 1.9 billion — reflecting diversified revenue streams across retail, corporate, and digital banking.
Total assets expanded 11% on an annualised basis, loans and advances grew 9% year-on-year, and customer deposits rose 5% year-to-date with current and savings accounts (CASA) accounting for 62% of the deposit base.
Efficiency and Capital Strength
Mashreq's cost-to-income ratio improved to 27.3%, one of the most competitive efficiency ratios among UAE banks. Return on equity reached 27.6% and return on assets stood at 3.3%, while risk costs remained low at AED 45 million — reflecting disciplined credit underwriting.
Capital adequacy remained robust, with the capital adequacy ratio at 19.5%, tier-1 capital at 17.3%, and CET1 at 15.7%. The non-performing loan ratio held at a low 1.3%, with a coverage ratio of 230.5%.
Leadership Comments
Mashreq Chairman Abdul Aziz Al Ghurair attributed the strong performance to the UAE's favourable economic conditions and its competitive investment environment. He highlighted the bank's strong capital adequacy, rising foreign investment inflows, moderating inflation, and sound macroeconomic fundamentals as key tailwinds.
Al Ghurair expressed confidence in Mashreq's strategic plan and its ability to improve customer satisfaction, internal efficiencies, and risk management frameworks as it sustains growth through the rest of 2024.
CEO Ahmed Abdelaal added: "We continued to deliver on our strategic ambitions, improving profitability and reporting strong return on equity."
