Mashreq’s Net Profit Surges 14% to AED 4 Billion in H1 2024

The banks consolidated net profit has risen by a YoY rate of 14 percent to reach AED 4 billion in the first half of 2024. On an annualised basis, its total assets increased by 11% and net interest income was up 17% YoY. Also, non-interest income have been reported to increase significantly to reach AED 1. 9 billion; thus, it has demonstrated YoY growth of 26 percent. Its Net Profit Before Tax also increased by 24% YoY being at AED 4. 5 billion.

Operating profit rose by 21 percent compared with the same period in 2023: from AED Million 3,700 to AED Million 4,500. The Chairman of Mashreq, Abdul Aziz Al Ghurair said that due to better performance of the UAE economy and competitive investment environment, the bank has delivered good results. He pointed out very good levels of capital adequacy and rising foreign investment portfolio backed by falling inflation and sound micro economy balances in the nation.

Al Ghurair stated that he has confidence in Mashreq’s strategic plan and prospects of the bank to improve customer satisfaction, internal efficiencies, and risk management frameworks because it has to continue with the pace of growth in 2024.