Mashreq Bank reported a net profit of AED 9B in 2024, marking a 4% increase from 2023 after accounting for AED 869M in tax payments.
The bank’s net profit before tax rose to AED 9.9B, reflecting a 12% growth over the year.
Mashreq’s revenue surged to AED 13.4B, a 24% year-on-year (YoY) increase, maintaining a strong three-year compound annual growth rate (CAGR) of 32%.
Despite interest rate reductions, net interest income grew by 9% YoY, supported by robust high-quality balance sheet expansion.
Non-interest income jumped 63% to AED 5B, driven by strong fee-based activities and increased client engagement in FX, derivatives, and commodities.
A one-off net gain of AED 1.2B was recorded from the partial sale of a subsidiary.
Loans grew by 18% in 2024, primarily funded by rising customer deposits, which reached AED 161B across wholesale and retail banking, with CASA now comprising 66% of total deposits.
Total assets expanded 11% YoY to AED 267B, supported by wholesale and retail loan growth.
Mashreq’s Chairman, Abdul Aziz Al Ghurair, highlighted the bank’s resilience and innovation amid global shifts, underscoring the UAE’s economic diversification and status as a financial and technology hub. He noted that Mashreq’s record-breaking results, including a net profit before tax of AED 9.9B, demonstrate its commitment to delivering value and supporting the UAE’s vision for sustainable growth.
