Mashreq Bank Reports AED 9 Billion Net Profit in 2024

Mashreq Bank has reported a net profit of AED 9 billion for 2024, reflecting a 4% increase compared to 2023, after paying AED 869 million in taxes. The bank’s net profit before tax surged to AED 9.9 billion, marking a 12% year-on-year (YoY) rise.

Revenue climbed to AED 13.4 billion, a 24% YoY increase, with a three-year compound annual growth rate (CAGR) of 32%. Net interest income grew by 9% despite interest rate cuts, reflecting strong balance sheet expansion. Meanwhile, non-interest income soared by 63% to AED 5 billion, driven by robust fee-generating activities in foreign exchange (FX), derivatives, and commodities.

Mashreq also recognized a one-off net gain of AED 1.2 billion from the partial sale of a subsidiary. Loan growth reached 18%, funded largely by increased customer deposits, which rose to AED 161 billion across wholesale and retail segments. The current and savings account (CASA) deposits now constitute 66% of total customer deposits.

Total assets saw an 11% YoY increase to AED 267 billion, fueled by strong financing growth across wholesale and retail banking.

Commenting on the performance, Abdul Aziz Al Ghurair, Chairman of Mashreq, stated,

“Mashreq’s journey in 2024 is a testament to resilience, innovation, and excellence amid a dynamic global and regional landscape. The UAE’s commitment to innovation and economic diversification continues to reinforce its position as a global trade, finance, and technology hub.”

He further highlighted that Mashreq achieved record-breaking financial results, with exceptional digital and international growth, aligning with the UAE’s vision for sustainable economic progress and global leadership.

News Source: Emirates News Agency