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Mashreq’s earnings up as loans and deposits rise

Executive, Person, Adult Mashreq
The UAE’s economy continues to demonstrate remarkable resilience and stability, buoyed by robust policies, said Mashreq chairman Abdul Aziz Al Ghurair

Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs.

Net profit before tax grew 24 percent to AED4.5 billion.

Net interest income increased 17 percent year on year to AED4.2 billion. Non-interest income gained 26 percent to AED1.9 billion.



Total assets rose 20 percent to AED253.4 billion, while loans and advances grew 22 percent to AED163 billion. Customer deposits rose 21 percent to AED154 billion.

The UAE’s economy continues to demonstrate remarkable resilience and stability, buoyed by robust policies and a conducive investment environment, said chairman Abdul Aziz Al Ghurair.

Net profit for the second quarter reached AED2.2 billion, up 4 percent from AED 1.9 billion a year earlier, as net interest increased 11 percent.

“Our results for the second quarter keep us on track to deliver strong performance in 2024,” Al Ghurair said.