Balance sheet growth is fuelled by Loans and Advances growth and customer deposits growth, the bank said. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Dubai-based Mashreq Bank announced a substantial 122 per cent surge in net profit, reaching Dh5.8 billion for the nine-month period ending in September 2023.

The bank disclosed that net interest income had grown by an impressive 82 per cent, totaling Dh5.62 billion, with non-interest income also increasing by 8.1 per cent to Dh2.3 billion. This boosted the bank's operating income to Dh7.90 billion, reflecting a significant 52 per cent rise.

“The UAE banking sector continues to demonstrate remarkable resilience and growth, laying a strong foundation for the entire financial landscape of the country,” said Abdul Aziz Al Ghurair, Chairman of Mashreq. “Our recent achievement, a remarkable 122 per cent year-on-year surge in netprofits, stands as a testament to Mashreq’s enduring strengths and forward momentum.”

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

- Abdul Aziz Al Ghurair

The lender showcased improved loan portfolio quality, with gross impairments accounting for just 0.2 per cent of gross assets. Operating profit witnessed remarkable growth, surging from Dh3.2 billion to Dh5.6 billion in 9M 2023, a substantial 73 per cent increase compared to the same period in 2022.

“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,” said Ahmed Abdelaal, Group CEO. “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.”

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.

- Ahmed Abdelaal

The bank experienced a substantial increase in total customer deposits, registering a 21.4 per cent rise from the previous year, amounting to Dh132.8 billion.