UAE banking major Mashreq reported a 122 percent jump in its net profit to reach AED5.8 billion in the first nine months of 2023.
The bank also reported a 73 percent increase in its operating profit during the period to AED5.6 billion from AED3.2 billion in 9 months of 2022.
Its return on equity (ROE) also hit a record high of 32.1 percent in the January-September period of this year, doubling compared to the same year-ago period of 2022.
The increase in operating income and net profit is primarily attributed to a significant 82 percent increase in net interest income.
“This growth is a result of several factors, including the expansion of our balance sheet, healthy client margins, and the prevailing high-interest rate environment,” the bank said.
“Additionally, our non-interest income has reached AED2.3 billion, marking a notable 8.1 percent year-on-year growth in 9 months of 2023,” it said.
Mashreq’s strong profit surge and vision
Abdulaziz Al Ghurair, Chairman of Mashreq, said the remarkable 122 percent year-on-year surge in net profits stands as a testament to Mashreq’s enduring strengths and forward momentum.
“However, our vision extends beyond numbers. At Mashreq, we are firm in spearheading the region’s sustainability journey by offering tailored financial solutions that catalyse the transition to a greener economy, paving the way for the UAE’s goal of Net Zero by 2050,” he said.
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