Mashreq has announced its financial results for the first half of 2024, logging a net profit of Dh 4 billion, reflecting a significant 14% increase year-on-year (YoY), mainly driven by a 17% YoY increase in net interest income.
The bank’s non-interest income rose to Dh1.9 billion, showcasing a 26% growth YoY. The net profit before tax grew by 24% YoY and stands at an impressive Dh4.5 billion.
Meanwhile, Mashreq’s operating profit rose from Dh3.7 billion to Dh4.5 billion in H1 2024, representing a 21% increase compared to the same period in 2023.
“Our results for the second quarter keep us on track to deliver strong performance in 2024. We are determined to push forward with our strategic priorities and further improve customer experience, operational performance and risk controls,” said Abdul Aziz Al Ghurair, Chairman of Mashreq.
During the period, impairment charges nearly doubled to Dh83 million versus Dh42.6 million in Q2 last year. Interest income, income from Islamic financing and investment products stood at Dh4 billion, up from Dh3.13 billion a year ago.
Earlier this year, the Dubai-headquartered bank reported a record net profit of Dh8.6 billion for 2023, a substantial 130% year-on-year increase.
