Mashreq Bank’s net profit reached AED9 billion ($2.45 billion) in 2024, marking an increase of approximately 4 percent compared to 2023, after accounting for taxes of AED869 million ($236.6 million). The bank’s net profit before tax soared to AED9.9 billion ($2.7 billion), signifying a substantial 12 percent rise in 2024.
Revenue growth and strong performance
Mashreq reported AED13.4 billion ($3.64 billion) in revenue, reflecting a remarkable 24 percent year-on-year (YoY) increase and maintaining a robust three-year compound annual growth rate (CAGR) of 32 percent. Additionally, net interest income grew by 9 percent YoY, despite interest rate cuts in 2024, showcasing healthy margins backed by strong high-quality balance sheet growth.
Surge in non-interest income
Non-interest income experienced a significant boost, climbing by 63 percent to AED5 billion. This highlights Mashreq’s ongoing commitment to diversifying revenue streams through robust fee-generating activities and strong client engagement in foreign exchange (FX), derivatives, and commodities.
Strategic gains and loan growth
Mashreq recognized a one-off net gain of AED1.2 billion from the strategic partial sale of a subsidiary. The year 2024 also saw impressive loan growth of 18 percent, primarily funded by an increase in customer deposits. Customer deposits rose to AED161 billion across both wholesale and retail segments, with CASA now accounting for 66 percent of total customer deposits.
Total assets increase and future outlook
Total assets grew by 11 percent YoY to AED267 billion, driven by loan expansion across wholesale and retail financings.
Abdul Aziz Al Ghurair, chairman of Mashreq, stated, “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 AED9.9 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.”
Ahmed Abdelaal, group chief executive officer of Mashreq Bank, conveyed that 2024 was a transformative year marked by significant achievements and a commitment to delivering value to customers and stakeholders. He highlighted the impressive 24 percent revenue growth and a 29 percent return on equity, showcasing the bank’s adaptability in changing market conditions. Abdelaal emphasized the remarkable expansion into markets like Pakistan and Egypt, alongside a strong focus on digital transformation and sustainability initiatives. He expressed confidence in Mashreq’s vision to be the region’s leading challenger bank while prioritizing exceptional client experiences and innovative solutions.
