Dubai –  Mashreq Bank achieved net profits attributable to the shareholders worth AED 8.58 billion ($2.33 billion) in 2023, up 130.30% from AED 3.72 billion ($1.01 billion) in January-December 2022.

The UAE lender posted operating income amounting to AED 10.80 billion ($2.94 billion) as of 31 December 2023, an annual hike of 47.90% from AED 7.30 billion ($1.98 billion), according to the financial results.

Earnings per share (EPS) reached AED 42.82 ($11.66) last year, higher by 130.30% year-on-year (YoY) than AED 18.59 ($5.06).

Total assets increased by 21.70% YoY to AED 239.98 billion ($65.33 billion) in 2023 from AED 197.24 billion ($53.70 billion). Meanwhile, the customer’s deposits rose by 28.50% YoY to AED 132.60 billion ($36.10 billion) from AED 98.82 billion ($26.90 billion).

Income Statements for Q4-23

In the fourth quarter (Q4) of 2023, Mashreq Bank recorded a 149.40% YoY surge in net profit to AED 2.82 billion, compared to AED 1.13 billion in Q4-22.

Total operating income grew by 37.70% to AED 2.89 billion in Q4-23 from AED 2.10 billion a year earlier, while the EPS climbed by 149.40% to AED 14.07 from AED 5.64.

Quarter-on-quarter (QoQ), the net profits registered in Q4-23 jumped by 25.30% from AED 2.25 billion in Q3-23, while the total operating income rose by 4.20% from AED 2.78 billion.

Abdul Aziz Al Ghurair, Chairman of Mashreq, commented: “This remarkable achievement mirrors the nation’s significant economic expansion and the resilience and dynamic growth of the UAE’s financial services, setting a precedent in the global banking arena.”

“With the UAE banking sector reaching a historic high, and total assets crossing the AED 4 trillion mark, we look forward to 2024 with a sense of optimism and readiness to uphold and extend this trajectory of dynamic and continued growth,” Al Ghurair continued.

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