Mashreq Bank has announced its financial results for the first half of 2024 (H1 2024), reporting a net profit of AED 4 billion, marking a significant 14 per cent year-on-year (YoY) increase.
This impressive growth is primarily driven by a 17 per cent YoY rise in net interest income. Additionally, the bank's non-interest income surged to AED 1.9 billion, showcasing a robust 26 per cent growth YoY.
The net profit before tax grew by 24 per cent YoY, reaching an impressive AED 4.5 billion. Meanwhile, Mashreq's operating profit increased from AED 3.7 billion to AED 4.5 billion in H1 2024, representing a 21 per cent increase compared to the same period in 2023.
Abdul Aziz Al Ghurair, Chairman of Mashreq, commented,
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.
He added,
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.
Mashreq's financial performance in H1 2024 reflects the bank's strategic focus and operational excellence. The increase in net interest income and non-interest income highlights Mashreq's diversified revenue streams and its ability to adapt to market conditions. The bank's robust operating profit and pre-tax net profit growth underscore its strong financial health and ability to generate sustainable earnings.
As Mashreq continues to build on its strategic initiatives, the bank is well-positioned to capitalize on the UAE's favourable economic conditions and deliver value to its stakeholders. The significant growth in profits and income demonstrates Mashreq's commitment to excellence and its role as a key player in the UAE's banking sector.
With a positive outlook for the remainder of 2024, Mashreq aims to enhance its customer experience, streamline operations, and strengthen risk management to sustain its growth trajectory and maintain its leadership in the financial industry.
News Source: Emirates News Agency
