Mashreq Achieves Historical Financial Milestone in 2023, with its net profit soaring by an impressive 130% to reach an unprecedented AED 8.6 billion amidst Exceptional Income Growth and Significantly Reduced Risk Costs

• Net Interest Income Skyrockets: Witnessed an impressive 69% surge, fuelled by extraordinary growth in the balance sheet and solid client margins. Concurrently, non-interest income witnessed a robust increase of 13% year-on-year.
• Dynamic Expansion of Balance Sheet: Marked by a significant 25% year-on-year escalation in Loans and Advances, coupled with a substantial 29% boost in customer deposits, showcasing a strong upward trajectory.
• Financial Strength and Efficiency: The Capital Adequacy Ratio stands at a notable 16.5% (excluding proposed dividend), highlighting Mashreq’s robust financial resilience in a competitive market. Moreover, a stellar Return on Equity (ROE) of 34.3% and an efficient Cost-Income Ratio of 30.9% reflect Mashreq’s exceptional financial performance throughout 2023.

Dubai, UAE; 29th January 2024: Mashreq proudly announces its financial results for the fiscal year 2023, showcasing an unwavering commitment to and achievement of a robust and sustainable growth trajectory. The company’s dedication to client centrism and operational excellence is evident in the noteworthy Earnings per Share (EPS) of AED 42.82, a testament to its resilience and ability to create substantial value for shareholders.