Mashreq Bank has announced its financial results for 2024, reporting a 4% increase in net profit to AED 9 billion ($2.45 billion), compared to the previous year. This growth highlights the bank’s strong operational performance, despite the challenging global economic environment. The bank also achieved a 24% increase in revenue, reaching AED 13.4 billion in 2024.
Mashreq Bank’s Key Financial Highlights
- Profit Before Tax (PBT): AED 9.9 billion, reflecting a 12% YoY increase
- Net Interest Income: 9% growth YoY, despite interest rate cuts in 2024
- Non-Interest Income: Surged by 63%, reaching AED 5 billion, driven by strong client engagement in foreign exchange (FX), derivatives, and commodities
- Revenue: Increased by 24% to AED 13.4 billion, reflecting the bank’s diversified revenue streams and continued focus on fee-generating activities
Focus on Diversification and Sustainable Growth
The remarkable financial results reflect Mashreq bank’s ongoing efforts to diversify its revenue sources. The bank has effectively capitalized on strong client relationships and a growing demand for FX, derivatives, and commodities, driving substantial growth in its non-interest income.
Abdul Aziz Al Ghurair
Chairman of Mashreq
Abdul Aziz Al Ghurair emphasized that the bank’s record-breaking performance is a direct result of its commitment to delivering value to stakeholders and supporting the UAE’s vision for sustainable growth:
“These results align with the UAE’s ambition for global leadership and sustainable development,” Al Ghurair said.
Mashreq’s ability to deliver solid financial growth in 2024 demonstrates its resilience and long-term strategic vision, positioning the bank for continued success in a competitive market.
