Yesterday, Mashreq Bank announced its financial results for the first quarter of 2024, which demonstrate the bank’s commitment to its strategic priorities of customer focus, increasing operational and financial efficiency, and strong risk management.
The bank indicated, in a statement, that despite taking into account the new corporate tax of 9%, imposed on January 1, 2024, “Mashreq” was able to record growth in its net profits in the first quarter of this year. , achieving two billion dirhams with a significant increase of 25% year on year.
Net profits before taxes reached 2.3 billion dirhams, an increase of 36% year on year. This growth in operating income and net profit is mainly due to an increase in net interest income by 23% year on year.
The main drivers behind these profits are the exceptional growth achieved by the banking business, good profit margins from customers, the current interest rate environment, and low risk costs. In addition, non-interest income reached around one billion dirhams, registering an impressive growth of 29% year on year.
The ratio of expenses to income increased by 3.5% annually, which shows the strong performance of the bank. business growth.
Operating profits increased from 1.8 billion dirhams to 2.3 billion dirhams in the first quarter of 2024, an increase of 31% compared to the same period in 2023.
Chairman of Mashreq’s Board of Directors, Abdulaziz Al Ghurair, said: “The UAE has been successful in continuing the process of economic development, thanks to its strong investment environment, which is supported by laws and flexible policies that are attractive to business and investments. . The International Monetary Fund’s recent forecasts confirmed the effectiveness of the country’s economic model, as the Global Economic Prospects report expected the country’s gross domestic product to register a growth of 4.2% in 2025, which show great confidence in the country’s policies and its ability to attract talent and direct investments across key business sectors such as real estate, travel, tourism and retail, and the current rise in oil prices will play an important role in continuing promoting the process of economic development.
He said: “Mashreq has demonstrated a high capacity to adapt to global challenges, and has been successful in achieving strong indicators of growth in asset, funding and capital levels. These indicators show the flexibility of the sector and the ability to adapt to the changes that are happening in the world.”
2024-04-26 00:05:00
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