Dubai's Mashreq bank records 9 month net profit of Dh2.64b

Dubai: Mashreq bank recorded D2.64 billion in first nine-month profit for 2022, a substantial increase on the Dh319.51 million a year ago. Nothing illustrated the scale of the increase more than the drop in net impairment charges, from Dh2.03 billion a year ago to Dh494.04 million at the end of this September.

In the third quarter 2022, profit for the Dubai bank came in at a sizeable Dh1.2 billion from Dh192.99 million 12 months ago.

According to AbdulAziz Al Ghurair, Chairman of Mashreq, said: “As we approach the end of the year, it is my pleasure to announce a healthy net profit of Dh2.6 billion for Mashreq Bank for the first nine months of the year. Our recent launch of the new brand identity - ‘Rise Every Day’ - reflects our new direction that aims at building deeper and more personalized connections with our customers and partners."

Gains across the board

Total loans and advances were up 12.1 per cent to a substantial Dh91.3 billion, while the loan-to-deposit ratio remained stable at 83 per cent. “The latest results were achieved largely by a 24.3 per cent increase in operating income over the same period last year to Dh5.3 billion driven by robust results from both our domestic and international operations,” said Ahmed Abdelaal, Group CEO. “Our non-interest income to operating income ratio, at 42.2 per cent, also continues to be well above the industry benchmark.

“Despite the financial headwinds enveloping the world, the bank remains on point to build on the robust results achieved so far in 2022."

At the end of September, the bank had a 7.8 per cent increase in customer deposits to Dh109.4 billion. Its impairment allowance stands at 0.6 per cent of total loans.