Mashreq profit up 270% to $1bn in 2022 on income growth

Wam

Dubai-listed lender Mashreq reported a net profit of AED3.7 billion ($1 billion) for 2022, a year-on-year (YoY) increase of 270 percent.

Operating profit reached AED4.4 billion, rising 39.2 percent YoY, on healthy operating income growth, the bank said in a statement.

Net profit for the fourth quarter of 2022 surged to AED1.126 billion from AED737 million in the same period last year. 

Customer deposits hit AED113.8 billion, gaining 12.1 percent year-to-date. 

Total loans and advances increased 10.8 percent to AED90.3 billion in 2022. Meanwhile, loan-to-deposit ratio remained stable at 79.4 percent at the end of December 2022. 

Abdulaziz Al Ghurair, chairman of Mashreq, said that double-digit growth was recorded across each and every business unit in 2022. 

Ahmed Abdelaal, group CEO, Mashreq, said the bank continues to solidify its status in the market as a power digital disruptor and challenger bank. 

“During 2022, our retail banking operations continued to be the backbone of our business and revenues grew by 42 percent YoY,” he said, adding the corporate and investment banking group revenue grew 37 percent YoY.