Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for year ending 31st December 2021.

AbdulAziz Al Ghurair, Chairman of Mashreq, said: “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. We recorded significant improvements in operating income and net profits by year-end, driven in part by robust growth across the loan portfolio and an improved credit environment characterized by reduced impairments and a slight reduction in our non-performing-to-gross loan ratio. Our colleagues’ hard work and loyalty – right across the network and at all levels of seniority – have contributed heavily to our return to productivity. Their combined contributions have allowed the Bank to serve its customers – commercial, private, and retail – with the highest levels of services and industry-leading digital solutions throughout the year. Customer-centricity will remain at the heart of our approach. In the near term, Mashreq Bank will maintain a conservative risk appetite and leverage its industry-leading digital capabilities to ensure that all its customers receive the very best services and solutions possible. To achieve sustainable growth our focus will remain on the delivery of an enhanced customer experience through existing growth platforms and continued investment in digitization and transformation programs. We will also continue to build a robust infrastructure and a compliance strategy aligned to the central government policies for each geography where Mashreq is present. These priorities will make an important contribution to our role as a responsible corporate citizen and allow us to continue to make an important contribution to the UAE, its business, and people.”

Ahmed Abdelaal, Group Chief Executive Officer of Mashreq, said: “In 2021 we sought to lay down the foundations for long-term, inclusive growth through new investments in our people and innovative digital solutions. Our prudent operating model and core focus on customer centricity delivered a return to growth across almost all metrics, including profit. This strong performance comes as a result of increased operating income and reduced operating expenses. Growth in customer deposits also played an important role in the delivery of a healthier balance sheet in 2021, as did increases in loans and advances. We were pleased to see a strong growth in CASA deposits and a double-digit increase in total assets. The Bank’s book-running league table standing continued to soar, with Mashreq now ranked second amongst the top GCC banks in syndicated loans – for Global Loans. Our strategy of investing in our work from anywhere model and hiring the best talent in every market continued at pace in 2021 with a sharp focus on women’s empowerment as part of a wider diversity and inclusion strategy. This has proven to be extremely well received, representing the importance of balance, adaptability, and the value of a happy and fulfilled workforce. This has served the Bank and all its stakeholders well in 2021. Our flagship digital products, which include the consumer platform Neo, our SME platform NEOBiz and our Corporate platform for Global Transaction banking, have all been scaled up to provide support for more of our customers and growing businesses than ever before. As we look ahead to 2022 and beyond, Mashreq Bank will leverage its investments in new digital solutions to deliver revenue growth, more enhanced customer journeys, and geographic expansion across high-growth markets. I wish to thank all of our customers, our employees, our shareholders, and the communities we serve for their loyalty and support during a year that signaled a healthy return to growth.”