Dubai – Mubasher: Mashreq Bank registered a 163% year-on-year (YoY) hike in net profit to AED 1.61 billion during the first quarter (Q1) of 2023, compared to AED 612 million.
Total operating income amounted to AED 2.52 billion in Q1-23, up 67.60% YoY from AED 1.50 billion, according to the financial results.
In the first three months (3M) of 2023, the earnings per share (EPS) reached AED 8.03, an annual leap of 163% from AED 3.05.
The total assets jumped by 10.20% YoY to AED 201.23 billion as of 31 March 2023 from AED 182.58 billion, while the clients’ deposits increased by 15.30% YoY to AED 120.16 billion from AED 104.22 billion.
On a quarterly basis, the Q1-23 net profits widened by 43% from AED 1.12 billion in Q4-22, while the total operating income enlarged by 17% from AED 2.15 billion.
Abdul Aziz Al Ghurair, Chairman of Mashreq Bank, said: “Owing to robust growth in operating income, enhanced efficiencies, and improved risk position, Mashreq concluded Q1-23 with outstanding financial results, demonstrating nearly double YoY operating profits and crossing the AED 200 billion in total assets milestone.”
“The progress made in product expansion and geographic reach during Q1 marks a crucial milestone for the bank, with the approval of a digital license in Pakistan and considerable expansion in Egypt,” Al Ghurair highlighted.
He added: “Mashreq’s performance in these and other international markets led to numerous awards in Q1, not only in the UAE but also in Egypt, Kuwait, and Qatar.”
Ahmed Abdelaal, Group CEO of Mashreq Bank, indicated: “We continue to achieve stable growth in our loan portfolio, with a 5.60% YoY increase in total loans and advances to reach AED 91.10 billion, while maintaining a prudent approach to risk management as reflected in our reduced impairment allowance and declining non-performing loans to gross loans ratio.”
Last February, the bank’s shareholders greenlighted cash dividends distribution worth AED 1.80 billion for 2022.
In the January-December 2022 period, the UAE lender generated net profits attributable to the owners valued at AED 3.70 billion, a 269.80% YoY surge from AED 1 billion.
