Dubai – Mubasher: Mashreq Bank generated a 14% rise in net profit after tax to AED 4.05 billion during the first half (H1) of 2024, compared to AED 3.56 billion in H1-23.

Total operating income hiked by 20% year-on-year (YoY) to AED 6.12 billion as of 30 June 2024 from AED 5.12 billion, according to the financial results.

In the first six months (6M) of 2024, the earnings per share (EPS) grew to AED 19.95 from AED 17.53 in H1-23.

Total assets enlarged by 20% YoY to AED  253.46 billion as of 30 June 2024 from AED 210.96 billion, while the customers’ deposits jumped by 21% YoY to AED 153.96 billion from AED 126.77 billion.

Income Statements for Q2-24

In the second quarter (Q2) of 2024, Mashreq Bank logged net profits valued at AED 2.01 billion, marking an annual growth of 4% from AED 1.92 billion.

EPS increased to AED 9.95 in Q2-24 from AED 9.50 a year earlier, while the total income widened to AED 2.98 billion from AED 2.60 billion.

Quarterly, the Q2-24 net profits declined by 1% from the AED 2.04 billion registered in Q1-24, while total operating income dropped by 5% from AED 3.14 billion.

Ahmed Abdelaal, Group CEO of Mashreq Bank, said: "Our results demonstrate that, despite the challenging global environment, we are making excellent progress on our strategic priorities and achieving industry-leading financial performance.”

“This progress was primarily driven by sustained, strong net interest income, while our high customer activity across the business led to a significant uplift in non-interest income, resulting in a second-quarter return on equity of 27.60%,” Abdelaal highlighted.

He noted: “We have completed our Tier 1 capital enhancement to solidify our capital base and support growth.”