Dubai - Mubasher: Mashreq Bank posted a hike in net profit attributable to the owners to AED 2.58 billion during the first nine months (9M) of 2022, versus AED 265.07 million in the year-ago period.

During the January-September 2022 period, the earnings per share (EPS) surged to AED 12.86 from AED 1.32 during the same period a year earlier, according to the income statements.

The bank’s total assets amounted to AED 187.58 billion in 9M-22, compared to AED 177.05 billion as of 31 December 2021.

In the third quarter (Q3) of 2022, the net profits attributable to the shareholders of Mashreq Bank enlarged to AED 1.18 billion from AED 179.71 million in Q3-21.

Furthermore, the operating income increased to AED 2.04 billion in Q3-22 from AED 1.42 billion in Q3-21, while the EPS jumped to AED 5.89 from AED 0.89.

Ahmed Abdelaal, Group CEO of Mashreq, said: “Our total loans and advances increased by 12.10% to reach AED 91.30 billion, while at the same time, our loan-to-deposit ratio remained stable at 83%.”

Abdelaal continued: “The latest positive results were achieved largely by a 24.30% increase in operating income over the same period last year to reach AED 5.30 billion driven by robust results from both our domestic and international operations.”

He added: “Our non-interest income to operating income ratio, at 42.20%, also continues to be well above the industry benchmark.”

The official noted that Q3-22 marked the launch of our inaugural $300 million Additional Tier 1 offering, which attracted orders of more than $500 million,” adding that it “further strengthening Mashreq’s capital structure and leverage ratios, and positioning the bank for further balance sheet growth.”

In the first half (H1) of 2022, the UAE-based lender logged net profits attributable to the owners worth AED 1.39 billion, a leap from AED 85.35 million in H1-21.