Dubai - Mubasher: The consolidated financials of Mashreq Bank reported AED 1 billion net profits attributable to the owners in 2021, against net losses of AED 1.28 billion in 2020.

The bank's net interest income and income from Islamic products increased to AED 3.05 billion in 2021, compared to AED 2.68 billion in the earlier year, according to a bourse filing on Tuesday.

The bank's assets reached AED 177.05 billion in 2021, up from AED 158.52 billion in the previous year.

The earnings per share (EPS) settled at AED 5.56 last year, versus losses per share of AED 7.09 in 2020.

The Chairman of Mashreq, Abdul Aziz Al Ghurair, commented: "The combination of a steady return to growth across the national economy, and the successful application of the Bank’s digital and operational strategies provided a strong platform for growth in 2021."

Meanwhile, the Group CEO of Mashreq Bank, Ahmed Abdelaal, said: "This strong performance comes as a result of increased operating income and reduced operating expenses."

It is noteworthy to mention that during the first nine months (9M) of 2021, the bank recorded a 24.7% decline in net profits attributable to the owners to AED 265.071 million from AED 352.024 million in the year-ago period.