Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2022.

H.E AbdulAziz Al Ghurair, Chairman of Mashreq, said: “I am delighted to announce that Mashreq Bank has posted a healthy growth in net profits for the first half of 2022. As we continue to operate in increasingly uncertain economic times, we registered a net profit of AED 1.4 billion, which is a great achievement and one everyone associated with the Bank can be, quite rightly, proud of.”

“This growth was mainly driven by an increase in operating profit, which was up 17% compared to 1H 2021 as a result of higher operating income. Our non-interest income to operating income ratio, at 44.2%, remains one of the most robust in the industry and is also a true testament to the constant drive of our teams towards innovation, based on our fundamental customer-centric approach.”

“Every day we are enhancing our reputation as the region’s most progressive and inspirational challenger bank that is shaping the future of financial services through convenience, innovation, and trust, while delivering a seamless experience to our customers. We will continue on this mission throughout the remainder of 2022, developing new strategies and products and forging partnerships with key stakeholders to enhance the digital economy and place us at the very front and center of the banking industry in the region.”

Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said: “The first six months of 2022 has delivered outstanding results for Mashreq Bank and strengthened our position as a powerful digital disruptor. In the midst of challenging global financial headwinds, we saw our total assets increase by 7% in the year, while our loans and advances experienced double-digit growth to reach AED 89.7 billion.”

“In recognition of the Bank’s constant mission to innovate, Mashreq was voted Market Leader for its best-in-class transactional banking services by our customers in the 2022 Euromoney Trade Finance Survey for the third consecutive year. As well as receiving this prestigious accolade in both the UAE and wider Middle East region, the Bank also received the Best Service accolades for Africa, Pakistan and Qatar. Mashreq was also named Best Digital Bank by Euromoney in the Middle East for the third consecutive year.”

“This year we have already launched several industry firsts, including the first phase of Neo NRI, the first ever non-resident account opening enabled through a UAE banking app. Our Neo NXT proposition, the first ever smart teen banking proposition targeting the Gen Z, was launched alongside a strategic partnership with Galaxy Racer focused around the gaming community.”

“Delivering innovation to enhance the customer experience is at the heart of everything we do at Mashreq and we look forward to the launch of more products and services through the remainder of this year.”

“I am grateful for the loyalty and support of our customers, employees, and shareholders, who have made these excellent results possible.”