Mashreq reports 33% increase in operating profits,  …..

Mashreq reports 33% increase in operating profits,  

AED 2.6 billion Net Profit and 12.1% growth in advances for 9M 2022

Dubai, UAE; 25th October 2022: Mashreq, one of the leading financial institutions in MENA, today has reported its financial results for the nine months ending 30th September 2022.

Key highlights:

H.E 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 AED 2.6 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.”

“Our recent launch of the new brand identity ‘Rise Every Day’, reflects our new direction that aims at building deeper and more personalized connections with our customers and partners. The principles behind Rise Every Day comes from Mashreq’s strong belief in helping our clients to succeed and to fulfil their aspirations, supporting our people to realize their ambitions and to facilitate building better lives and livelihoods in the society through hard work and innovation. These principles are core to our professional genes and have been hard wired over many decades in the DNA of every business that we do and governs our aspiration to shape the future of financial services through convenience, innovation and trust, while consistently delivering unmatched experience to our customers.”

Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said:

“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% to reach AED 91.3 billion, while at the same time, our Loan-to-Deposit ratio remained stable at 83%.”

“The latest positive results were achieved largely by a 24.3% increase in operating income over the same period last year to reach AED 5.3 billion driven by robust results from both our domestic and international operations. Our non-interest income to operating income ratio, at 42.2%, also continues to be well above the industry benchmark.”

“Over the last nine months, we have launched innovative new products, including Mashreq Business Banking Value Added Services, our non-banking business services platform enabling business success and helping SMEs do business better. We have joined the United Nations Global Compact initiative – a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices. We also made good headway in embedding ESG practices, with the development of a robust sustainability framework and initiatives that is being deployed across our network in addition to the escalation of our regional and international engagement to support and sponsor some of the most prestigious global events in this domain over the coming months. This quarter also marked the launch of our inaugural US$300 million Additional Tier 1 offering in Q3, which attracted orders of more than US$500 million, further strengthening Mashreq’s capital structure and leverage ratios, and positioning the Bank for further balance sheet growth.”

“Despite the financial headwinds enveloping the world, the bank remains on point to build on the robust results achieved so far in 2022. This success was achieved, with our customers at the front and center, in a responsible fashion as we continue our mission to preserve the environment, develop corporate governance, support philanthropy and strengthen our commitment to society.”

“With the efforts of our employees, we know we can continue to achieve great things, innovating and creating to unlock greater choice and opportunities for our loyal customers globally.”

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