Mashreq announces its financial results for 9M 2023 continuing its strong sustainable growth trajectory and enhancing shareholder value with an Earnings per Share of AED 28.75.

• Net interest income surges by 82%, benefiting from balance sheet growth, healthy client margins, while non-interest income shows a strong increase of 8.1% year on year.
• Balance sheet growth is fuelled by Loans and Advances growth (9.9% year to date) and customer deposits growth (16.7% year to date).
• Capital adequacy ratio of 18.6% reaffirms robust capital position in a dynamic market, while ROE increases to 32.1%.

H.E AbdulAziz Al Ghurair, Chairman of Mashreq: “The UAE banking sector continues to demonstrate remarkable resilience and growth, laying a strong foundation for the entire financial landscape of the country. Our recent achievement, a remarkable 122% year-on-year surge in net profits, stands as a testament to Mashreq’s enduring strengths and forward momentum. However, our vision extends beyond numbers. At Mashreq, we are firm in spearheading the region’s sustainability journey by offering tailored financial solutions that catalyse the transition to a greener economy, paving the way for the UAE’s goal of Net Zero by 2050. Through our association with COP28, we reiterate our dedication to combating climate change and championing a sustainable tomorrow. It is a time of reinvention, of looking ahead, and ensuring that as leaders in the banking industry, we not only drive profits but also champion the cause of a sustainable future for all.”

Ahmed Abdelaal, Group Chief Executive Officer, Mashreq: “Mashreq’s remarkable financial performance this year is a clear reflection of our relentless commitment to innovation and putting our customers first. The significant growth in net profit to AED 5.8 billion in the third quarter, spurred by an 82% increase in net interest income, underlines our strength and adaptability in an ever-changing financial landscape. Internationally, we continued to see the benefits of our diversified business model and strong balance sheet growth and our digital strides in Pakistan and licensing in Oman usher in a new era of exciting global growth. Our digital transformation continues to gain momentum with strategic partnerships with the likes of Alipay through NeoPay, enhancing our position in the digital banking revolution.

However, our commitments extend beyond business. Through our alliance with the Science-Based Targets Initiative (SBTi), we are expanding our environmental responsibility, solidifying our position at the frontline of industry sustainability, and underlining our pledge to a Net-Zero future.

Looking ahead, our strategy is multifaceted. Beyond financial investment, we aim to elevate the customer experience, fortify our security measures with cutting-edge fraud prevention, and optimize operations through automation. We are enthusiastic about amplifying our digital capabilities, especially by harnessing AI and nurturing flagship digital platforms like Neo and NeoBiz. Our journey has been commendable, but our vision remains expansive, awaiting the countless possibilities the future holds.”