Skip to content Skip to Search
Skip navigation

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

Mashreq's net profit for the first half of 2023 increased by 150 percent Wam
Mashreq's net profit for the first half of 2023 increased by 150 percent

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.

Latest articles

Aircraft, Airliner, Airplane

Tunisair growth slows as costs rise

Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […]

A cattle drive in the Pantanal region. Meat is a major component of Brazil's trade with Saudi Arabia

Brazil’s JBS to open Saudi food factory as trade ties deepen

Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […]

People, Person, Adult

Diriyah awards $2bn contract for Wadi Safar

Diriyah Company has awarded its largest single contract to a Saudi-Qatari joint venture for the Wadi Safar project. The SAR8 billion ($2 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi Press Agency reported. The contract includes […]

Adult, Male, Man

Kuwait turns to budget deficit as oil income drops

Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue […]