Mashreq has posted a first-half (H1) net profit of AED4 billion ($1.09 billion), a significant 14% increase year-on-year (YoY), driven largely by a 17% YoY increase in net interest income.

 

The bank's non-interest income rose to AED1.9 billion, demonstrating a very strong 26% growth YoY, a WAM report said. The net profit before tax grew by 24% YoY and stands at an impressive AED4.5 billion.

 

Meanwhile, Mashreq's operating profit rose from AED3.7 billion to AED4.5 billion in H1 2024, a 21% increase compared to the same period in 2023.

 

Favourable backdrop

Abdul Aziz Al Ghurair, Chairman of Mashreq, said: "The UAE's economy continues to demonstrate remarkable resilience and stability, buoyed by robust policies and a conducive investment environment. As we witness a significant downtrend in inflation, the strength of our nation's economy is further solidified, reflecting strong capital adequacy ratios and increasing foreign investments. This macroeconomic stability has provided a favourable backdrop for Mashreq's continued growth.

 

“Our results for the second quarter keep us on track to deliver strong performance in 2024. We are determined to push forward with our strategic priorities and further improve customer experience, operational performance and risk controls.”--TradeArabia News Service