Mashreq’s 9M 2024 Profit Before Tax Rises 9% YoY to AED 6.5 Billion, reflecting strong business activity in a healthy business environment

Mashreq is proud to report its strong financial performance for the first nine months of 2024, showcasing the bank’s dedicated commitment to its strategic priorities. These include placing clients at the forefront of our efforts, enhancing operational and financial effectiveness, enforcing stringent risk management practices, and cultivating a culture that values and empowers our employees. The achievements highlight the successful execution of our strategic plans and our unwavering dedication to delivering an unparalleled, world-class experience to our clients.
H.E. Abdul Aziz Al Ghurair, Chairman of Mashreq, said: “Despite decreased growth forecasts for the world economy, the UAE economy continues to show resilience and adaptability, supported by strategic policies, a stable investment environment, and sustained growth in key non-oil sectors. The banking sector has maintained strong capital buffers, providing a solid foundation for growth. The UAE’s forward-looking economic policies, coupled with increasing foreign direct investment and an average capital adequacy ratio of 18.3%, ensures continued progress despite global economic shifts.”

Ahmed Abdelaal, Group Chief Executive Officer of Mashreq, commented: “Our strong performance in the first nine months of 2024 underscores Mashreq’s strategic direction and operational resilience in navigating dynamic market conditions. Profit before tax rose 9% to AED 6.5 billion, reflecting the success of our growth story combined with cost discipline and sound risk management. Non-interest income now accounts for 30% of total operating income, showcasing our ability to generate value beyond traditional banking and diversify our revenue streams.”

This year has been pivotal in expanding our footprint and enhancing digital capabilities. We launched the fully digitized NEO CORP platform for our wholesale banking customers clients in Bahrain, Kuwait, with Qatar to follow very soon, as a part of the initial roll out and made our first corporate banking loan transaction in the UK, strengthening our presence in key markets.

Our focus remains on digital transformation, operational resilience, and client-centricity. The growth of NEO CORP and record activations on NEO BIZ highlight our leadership in corporate and business banking.

Sustainability remains a core focus of our strategy, apart from growing our sustainable financing we witnessed the completion our Climb2Change initiative phase 3 in Pakistan. We are honored that Forbes has recognized this initiative as the most sustainable global initiative in the Middle East banking sector.

As we look ahead to 2025, we will continue to deliver value to our clients and stakeholders through innovation and commitment to our strategy, ensuring Mashreq’s leadership in an ever evolving financial landscape.”