Mashreq Bank reports $1bn profit

Dubai’s Mashreq Bank has reported a huge increase in net profit for 2022, with a total of 3.7 billion UAE dirhams ($1 billion), marking a YoY rise of 270%. The bank’s chairman, AbdulAziz Al Ghurair, referred to the past year as “a transformative year.”

Fourth quarter results for 2022 showed a net profit of 1.126 billion UAE dirhams, which was an increase from both the previous quarter’s figure of 1.181 billion UAE dirhams and from 737 million UAE dirhams YoY.

In terms of operating profit, the bank recorded 7.496 billion UAE dirhams for the year, compared to 5.806 billion UAE dirhams in 2021. Meanwhile, the bank’s full-year operating profit was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams in the previous year.

According to Mashreq Group CEO Ahmed Abdelaal, the bank’s retail banking operations saw a growth of 42% over the past year, while its digital solutions, Neo, and personal banking saw a net profit increase of 43%.