9 billion dirhams net profits of Al -Mashreq Bank during 2024

2025/01/30 7:36:44 PM

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Dubai, January 30 / WAM / The net profit of the Mashreq Bank increased to about 9 billion dirhams during the year 2024, an increase of about 4% compared to 2023, after paying taxes of 869 million dirhams.
The net profit of the East before the tax was about 9.9 billion dirhams, an increase of 12% in 2024.
The East achieved revenues of 13.4 billion dirhams, which represents an increase of 24%on an annual basis, and maintained a strong annual growth rate over three consecutive years by 32%.
The net interest income increased by 9% on an annual basis despite the reduction in interest rates in 2024, which reflects the margins of the bank strong against the background of the strong growth of its public budget, while the income of non -interest increased by 63% on an annual basis to 5 billion dirhams, a reflection of the focus On diversification of revenue sources through various activities based on fees and strong participation of customers in the foreign exchange market, derivatives and commodities.
The East made one time gains of 1.2 billion dirhams from a strategic deal from a partial sale of one of his subsidiaries.
The loans witnessed a strong growth of 18% in 2024, with great funding from the growth of customer deposits, while customer deposits from individuals and companies increased to 161 billion dirhams, and the balances of savings accounts and current accounts of banking services customers represented 66% of the total customer deposits.
The total assets increased by 11% to 267 billion dirhams, driven by the growth of loans to individuals and companies.
His Excellency Abdulaziz Al Ghurair, Chairman of the Mashreq Board of Directors said: The East achieved exceptional financial results, as the net profits before taxes reached 9.9 billion dirhams, with a remarkable growth in digital initiatives and international operations, and there is no doubt that these achievements reflect the firm commitment of the East to provide a value In addition to the various parties concerned, in line with the UAE’s vision in achieving sustainable development and global leadership.
His Excellency affirmed the continuation of investment in promoting flexibility and the ability to adapt to the transformations, in parallel with the continuous endeavor to provide innovative financial solutions that contribute to the reshaping of the financial system in the region.