Dubai – Mubasher: The net profits of Mashreq Bank reached AED 3.51 billion in the first half (H1) of 2023, an annual hike of 149.60% from AED 1.40 billion.
The UAE-based lender posted a total operating income valued at AED 5.12 billion in H1-23, marking a 60.30% year-on-year (YoY) leap from AED 3.19 billion, according to the financial results.
Earnings per share (EPS) soared by 149.60% to AED 17.53 during the first six months (6M) of 2023, versus AED 7.02 in H1-22.
The customers’ deposits increased by 16% YoY to AED 126.77 billion as of 30 June 2023 from AED 109.33 billion, while the total assets enlarged by 11.80% YoY to AED 210.96 billion from AED 188.64 billion.
Income Statements for Q2-23
Mashreq Bank witnessed a 139.40% surge in net profit to AED 1.90 billion during the second quarter (Q2) of 2023, compared to AED 796 million in Q2-22.
Total operating income climbed by 53.80% to AED 2.60 billion in Q2-23 from AED 1.69 billion in the year-ago period. Meanwhile, the EPS widened to AED 9.50 from AED 3.97.
On a quarterly basis, the Q2-23 net profits jumped by 18.40% from AED 1.61 billion in Q1-23, whereas the operating income went up by 3.40% from AED 2.52 billion.
Ahmed Abdelaal, Group CEO of Mashreq Bank, said: “Our prudent risk management strategy, which prioritises improving asset quality, has been a critical factor in our success. It has led to considerable improvement in our risk position, significantly bolstering our profitability.”
