Mashreq Delivers AED9 Billion Net Profit After Tax In 2024

Muhammad Irfan Published January 30, 2025 | 10:00 PM

DUBAI, (UrduPoint / Pakistan Point News / WAM - 30th Jan, 2025) Mashreq Bank’s net profit rose to AED9 billion in 2024, an increase of about 4 percent compared to 2023, after paying taxes worth AED869 million.

Net Profit Before Tax reached AED9.9 billion, representing a 12 percent increase in 2024.

Mashreq achieved AED 13.4 billion in revenue, representing a 24 percent increase year-on-year (YoY) and maintaining an impressive three-year compound annual growth rate (CAGR) of 32 percent.

Net Interest Income grew by 9 percent YoY despite interest rate cuts in 2024, reflecting healthy margins on the back of strong high-quality balance sheet growth.

Non-Interest Income surged by 63 percent to AED5 billion highlighting the continued emphasis on diversifying revenue streams through robust fee-generating activities and strong client engagement in FX, derivatives, and commodities.

Mashreq recognised a one-off net gain of AED1.2 billion from the strategic partial sale of a subsidiary.

2024 witnessed an impressive loan growth of 18 percent, largely funded by an increase in customer deposits, while customer deposits increased to AED161 billion in both wholesale and retail segments, with CASA now representing 66 percent of total customer deposits.

Total assets increased by 11 percent YoY to AED267 billion, driven by loan growth across wholesale and retail financings.

Abdul Aziz Al Ghurair, Chairman of Mashreq, said, “As we reflect on 2024, Mashreq’s journey stands as a testament to resilience, innovation, and excellence amidst a dynamic global and regional environment. The UAE’s remarkable progress, marked by its embrace of innovation and steadfast focus on economic diversification, reinforces its position as a global hub for trade, finance, and technology.

“This year, Mashreq achieved record-breaking financial results, including a net profit before tax of AED 9.9 billion, alongside exceptional growth in our digital and international operations. These milestones reflect our unwavering commitment to delivering value to our stakeholders while aligning with the UAE’s vision for sustainable growth and global leadership.”