Dubai – Mubasher: The net profits of Mashreq Bank increased by 25% year-on-year (YoY) to AED 2 billion in the first quarter (Q1) of 2024 from AED 1.61 billion.
Total operating income hit AED 3.14 billion in Q1-24, higher by 25% than AED 2.51 billion in Q1-23, according to the consolidated financial results.
Earnings per share (EPS) stood at AED 10.01 during the first three months (3M) of 2024, up YoY from AED 8.03.
As of 31 March 2024, the total assets grew by 24% to AED 249.59 billion from AED 201.23 billion a year earlier, while the customer’s deposits hiked by 29% to AED 155.49 billion from AED 120.16 billion.
Quarter-on-quarter (QoQ), the Q1-24 net profits dropped by 29% from AED 2.82 billion in Q4-23, whereas the total operating income climbed by 8% from AED 2.89 billion.
Ahmed Abdelaal, Group CEO of Mashreq Bank, said: “Our Q1-24 financial results have provided a robust start to the year, showcasing a significant 25% increase in net profit to AED 2 billion, despite the new Corporate Income Tax of 9% in the UAE.”
“On a pre-tax basis, our net profit stood at AED 2.30 billion representing an increase of 36% like for like. This remarkable growth is fueled by substantial income expansion and reduced risk costs, highlighting our unyielding commitment to operational resilience and efficiency,” Abdelaal indicated.
He noted: “Additionally, our non-interest income has surged by an impressive 29% YoY, representing 32% of our total income reflecting the versatility and revenue resilience of our bank.”
