Dubai – Mubasher: The net profits after tax of Mashreq Bank grew by 4% year-on-year (YoY) to AED 9.01 billion in 2024 from AED 8.67 billion, according to the financial results.
Total operating income witnessed an annual increase of 24% to AED 13.41 billion at the end of December 2024, compared to AED 10.80 billion.
Additionally, the earnings per share (EPS) rose by 4% to AED 44.45 last year from AED 42.82 in 2023.
The total assets surged by 11% YoY to AED 267 billion as of 31 December 2024, driven by loan growth across wholesale and retail financing.
Customer deposits jumped to AED 161 billion in both wholesale and retail segments, with CASA representing 66% of total customers.
Financials for Q4
During the fourth quarter (Q4) of 2024, the DFM-listed lender posted a 12% YoY surge in net profit to AED 3.17 billion, compared to AED 2.84 billion.
The total operating income climbed by 49% YoY to AED 4.31 billion in October-December 2024 from AED 2.89 billion.
On a quarterly basis, the net profits registered in Q4-24 hiked by 78% from AED 1.78 billion in Q3-24, while the total operating income enlarged by 45% from AED 2.79 billion.
Abdelaal Ahmed, Group CEO of Mashreq Bank, commented: “This year, we achieved phenomenal growth across several markets, including India, Hong Kong, and the GCC.”
“Our entry into Pakistan, where we became the first bank to secure a restricted pilot license for digital retail banking, represents a significant milestone in our journey to foster financial inclusion,” Ahmed noted.
He added: “The launch of Mashreq NEO in Egypt and our ranking as the fastest-growing banking brand in the region by Brand Finance further solidify our leadership in innovation and customer-centric solutions.
“As we look to 2025, Mashreq's vision to be the region's most progressive challenger bank is stronger than ever. We will continue to embrace change, leverage technology, deliver client excellence, and drive innovation to shape the future of banking in our markets, ensuring we create lasting value for all our stakeholders,” the CEO concluded.
