Skip to content Skip to Search
Skip navigation

Mashreq’s Q2 2023 net profit rises 140% to $520m

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

Mashreq reported a net profit of AED1.91 billion ($520.03 million) in the second quarter of 2023, a year-on-year increase of 140 percent, as operating income rose by 60 percent across all business units.

Total operating income reached AED2.61 billion in the first six months of 2023 from AED1.695 billion a year earlier.

Net profit for the first half of 2023 increased 150 percent to AED3.52 billion from AED1.41 billion in the same period last year.

“We believe our growth trajectory is characterised by the symbiosis of strong revenue growth and bottom-line expansion,” said AbdulAziz Al Ghurair, chairman of Mashreq.

He stated that the bank offered an annualised return on equity exceeding 30 percent, which reflects the resiliency of the UAE banking system and its fortified capital buffer.

Total loans and advances increased by 5.2 percent year to date to AED95 billion.

Customer deposits grew 11.4 percent year to date to AED126.8 billion, while the Casa ratio remained high at 65 percent. 

The loan-to-deposit ratio stood at 74.9 percent at the end of June 2023, compared to 79.4 percent in December 2022.

Mashreq’s liquid assets ratio reached 30.8 percent as of June 2023 compared to 33.5 percent in December 2022.

Impairment allowance reduced significantly to AED54 million in the first half of 2023 due to enhanced asset quality and higher recoveries, representing only 0.1 percent of net loans.

The non-performing loans-to-gross loans ratio declined to 1.7 percent as of the end of June 2023 from 2.2 percent as of December 2022 – reaching the lowest in the market.

Latest articles

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]

Saudi housing costs rose nearly 9% year on year in May

Saudi housing costs rise but inflation remains steady

Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […]

OTB Group has a presence in Dubai with its Maison Margiela store in the Dubai Mall

Chalhoub Group in venture with Italian luxury brand

Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]