Mashreq posts AED2.6 bn net profit for Q3-22

Mashreq posted a net profit of AED 2.6 billion for Q3 of 2022, the bank said in a statement today on its financial results for the nine months ending 30th September 2022.

The bank added that the operating income has increased by 24.3 percent over the previous year to AED5.3 billion, mainly due to increased net interest income driven by organic growth across all business activities.

The non-interest income to operating income ratio remains one of the industry’s best at 42.2 percent.

The operating profit at AED3.2 billion represents a 33.2 percent increase compared to the same period of 2021 as a result of healthy operating income.

Commenting on the results, AbdulAziz Al Ghurair, Chairman of Mashreq, said,

“As we approach the end of the year, it is my pleasure to announce a healthy net profit of AED2.6 billion for Mashreq Bank for the first nine months of the year. With the rapid adoption of our innovative digital services by our customers in the UAE and beyond, these figures are a true testament to the hard work, commitment and dedication of the entire team at Mashreq."

Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, added,

“I am delighted to report solid growth in our balance sheet for the first nine months of the year, an achievement everyone at Mashreq can be hugely proud of as we continue to cement our position in the market as a powerful digital disruptor. Our Total Loans and Advances increased by 12.1 percent to reach AED91.3 billion, while at the same time, our Loan-to-Deposit ratio remained stable at 83 percent.”

News Source: Emirates News Agency