Net profit for Mashreq rises by 14% to Dh4 billion in the first half of 2024
In a bold move that demonstrates its financial prowess, Mashreq has proudly unveiled its financial results for the first half of 2024 (H1 2024). The numbers speak for themselves, with the bank reporting a net profit of a staggering Dh4 billion. This represents an impressive 14 percent increase year-on-year (YoY), showcasing Mashreq’s ability to thrive in a dynamic and competitive market.
One of the key drivers behind Mashreq’s remarkable growth is the significant 17 percent YoY increase in net interest income. This surge in revenue highlights the bank’s ability to capitalize on market opportunities and effectively manage its balance sheet to maximize profitability. Additionally, Mashreq’s non-interest income experienced a robust 26 percent growth YoY, reaching Dh1.9 billion. This diversification of revenue streams underscores the bank’s commitment to innovative and sustainable business practices.
Not content with just increasing its bottom line, Mashreq also saw its net profit before tax grow by an impressive 24 percent YoY, reaching Dh4.5 billion. This solid performance reflects the bank’s focus on efficient operations and strategic decision-making, positioning it as a leader in the financial services sector.
Furthermore, Mashreq’s operating profit soared from Dh3.7 billion to Dh4.5 billion in H1 2024, marking a significant 21 percent increase compared to the same period in 2023. This uptick in operating profit underscores the bank’s ability to effectively manage costs and drive operational efficiency, ultimately translating into enhanced financial performance.
Abdul Aziz Al Ghurair, Chairman of Mashreq, expressed his optimism about the economic landscape in the UAE, noting the country’s resilience and stability. He attributed this positive outlook to robust policies and a conducive investment environment that have bolstered the nation’s economy. Al Ghurair emphasized that the sharp decline in inflation rates further reinforces the strength of the economy, reflected in strong capital adequacy ratios and increasing foreign investments. This macroeconomic stability has created a favorable environment for Mashreq’s continued growth and success.
Looking ahead, Al Ghurair emphasized the importance of strategic priorities and customer-centric strategies to drive future growth. He reaffirmed the bank’s commitment to enhancing customer experience, improving operational performance, and strengthening risk controls. By staying true to its core values and focusing on innovation and excellence, Mashreq remains on track to deliver strong performance in 2024 and beyond.
In conclusion, Mashreq’s stellar financial results for the first half of 2024 underscore its position as a formidable player in the banking industry. With solid growth in key financial metrics and a strategic vision for the future, the bank is well-poised to capitalize on market opportunities and drive sustained success. As the UAE continues to showcase economic resilience and stability, Mashreq’s strong performance serves as a testament to its commitment to delivering value to customers and stakeholders alike.
