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Mashreq Bank’s profits up in 9M-24; assets exceed AED 254.4bn - Mubasher Info

30 Oct 2024, 10:57

Dubai – Mubasher: Mashreq Bank achieved net profits amounting to AED 5.84 billion in the first nine months (9M) of 2024, compared to AED 5.83 billion in 9M-23, according to the financial results.

The UAE-based lender registered operating income valued at AED 9.09 billion as of 30 September 2024, up 15% year-on-year (YoY) from AED 7.90 billion.

Earnings per share (EPS) went up to AED 28.78 in 9M-24 from AED 28.75 in the year-ago period.

The total assets enlarged by 17% YoY to AED 254.41 billion as of 30 September 2024 from AED 218.34 billion and the customer deposits grew by 17% YoY to AED 156.06 billion from AED 132.86 billion.

Income Results for Q3-24

During the third quarter (Q3) of 2024, Mashreq Bank registered a 21% YoY decline in net profit to AED 1.78 billion, compared to AED 2.25 billion.

The operating income climbed by 7% to AED 2.97 billion in Q3-24 from AED 2.78 billion in Q3-23, while the EPS dropped by 21% to AED 8.83 from AED 11.23.

Quarterly, the Q3-24 net profits retreated by 11% from AED 2.01 billion in Q2-24, while the total operating income

Abdelaal Ahmed, CEO of Mashreq Bank, commented: "This year has been pivotal in expanding our footprint and enhancing digital capabilities. We launched the fully digitised NEO CORP platform for our wholesale banking customers clients in Bahrain, Kuwait, with Qatar to follow very soon, as a part of the initial roll out and made our first corporate banking loan transaction in the UK, strengthening our presence in key markets."

Abdul Aziz Al Ghurair, Chairman of Mashreq: said: “Mashreq’s financial results reflect our alignment with the UAE’s broader economic growth. Our focus on innovation, sustainable finance, and strategic market positioning keeps us ahead, seizing emerging opportunities while managing risks effectively.”

Source: Mubasher Source: {{details.article.source}}