Mashreq Bank announced a 14% year-on-year increase in net profit for the first half of 2024, amounting to AED 4.0 billion. This growth reflects strong business performance and a positive economic outlook, supported by robust customer activity and a stable macroeconomic environment.
In a statement, H.E. Abdul Aziz Al Ghurair, Chairman of Mashreq, expressed confidence in the bank’s ongoing success. “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. We are proud of our achievements and remain committed to our strategic vision of innovation and customer-centric solutions. Our ambition remains unchanged – to be the preferred financial partner for customers’ success journeys,” he said.
Ahmed Abdelaal, Group Chief Executive Officer, highlighted the bank’s accomplishments, noting, “In the first half of the year, we continued to deliver on our strategic ambitions, improving profitability and reporting a strong return on equity, driven by strong commercial momentum, robust customer activity, excellent credit quality, and focused cost management. Our results demonstrate that, despite the challenging global environment, we are making excellent progress on our strategic priorities and achieving industry-leading financial performance. This progress was primarily driven by sustained, strong net interest income, while our high customer activity across the business led to a significant uplift in non-interest income, resulting in a second-quarter return on equity of 27.6%.”
Mashreq’s positive financial performance underscores its commitment to innovation and customer-centric solutions, positioning the bank for continued growth and success in the region.
