Today's Edition
DUBAI (WAM)
Mashreq has announced its financial results for the first half of 2024 (H1 2024), logging a net profit of Dh4 billion, reflecting a significant 14 percent increase year-on-year (YoY).
This growth is largely driven by a 17 percent YoY increase in net interest income.
In addition, the bank's non-interest income rose to Dh1.9 billion, demonstrating a very strong 26 percent growth YoY.
The net profit before tax grew by 24 percent YoY and stands at an impressive Dh4.5 billion.
Meanwhile, Mashreq's operating profit rose from Dh3.7 billion to Dh4.5 billion in H1 2024, representing a 21 percent increase compared to the same period in 2023.
Chairman of Mashreq, Abdul Aziz Al Ghurair, said, "The UAE's economy continues to demonstrate remarkable resilience and stability, buoyed by robust policies and a conducive investment environment. As we witness a significant downtrend in inflation, the strength of our nation's economy is further solidified, reflecting strong capital adequacy ratios and increasing foreign investments. This macroeconomic stability has provided a favourable backdrop for Mashreq's continued growth.
“Our results for the second quarter keep us on track to deliver strong performance in 2024. We are determined to push forward with our strategic priorities and further improve customer experience, operational performance and risk controls.”
