Dubai, UAE; 29th April 2024: Mashreq Releases 1Q 2024 Financial Results: Paving the Way for Sustainable Growth. Mashreq is pleased to disclose its financial results for the first quarter of 2024, demonstrating the bank’s steadfast commitment to strategic priorities centered on client-centricity, operational and financial efficiency, robust risk management, and a people-first culture. These results emphasize the success of Mashreq’s strategic initiatives.
Mashreq, has demonstrated remarkable strength and adaptability amid global challenges, maintaining solid asset growth, financing, and capital adequacy ratios. These indicators reflect the sector’s flexibility and resilience to adapt to the changes the world is witnessing.
The 2024 Brand Finance report recognizes Mashreq as the fastest-growing banking brand in the Middle East, with our brand value increasing by an extraordinary 200% over the past three years. This growth underscores our strategic foresight, adaptability, and dedication to customer-centric innovation. The distinction of Mashreq NEO as the strongest digital banking brand in the UAE further underscores our capability to provide leading-edge solutions to our clients.
Q1 2024 financial results have provided a robust start to the year, showcasing a significant 25% increase in net profit to AED 2.0 billion, despite the new Corporate Income Tax of 9% in the UAE. On pre-tax basis our Net Profit stood at AED 2.3 billion representing an increase of 36% like for like. This remarkable growth is fueled by substantial income expansion and reduced risk costs, highlighting our unyielding commitment to operational resilience and efficiency. Its net interest income has experienced a substantial 23% growth, demonstrating the effective expansion of balance sheet and resilient client margins. Additionally, our non-interest income has surged by an impressive 29% year-on-year, representing 32% of our total income reflecting the versatility and revenue resilience of our bank.
As Mashreq continue to expand, Its operational resilience remains a cornerstone of our growth and expansion strategies. It has allowed us to adapt swiftly to economic shifts, maintain service excellence during rapid expansion, and manage risks effectively.
Mashreq’s efforts to launch its Digital Retail Bank in Pakistan remain a foot, which will mark a significant step in its international expansion. Additionally, the initiation of corporate banking operations in the United Kingdom and the opening of a new branch in Mumbai are pivotal in our mission to deliver innovative banking solutions across diverse markets. In Egypt, the launch of Mashreq NEO represents a key development in offering simplified and innovative banking experiences, which align with our goals to enhance customer satisfaction.
