Mashreq reports strong earnings growth in 1Q:Emirati lender Mashreq reported net income of AED 1.6 bn in 1Q 2023, up 160% from the same period in 2022, according to its earnings release (pdf). The strong bottom-line growth was driven by a rise in net interest income, which doubled y-o-y to AED 1.7 bn in the January-March quarter, as well as a 64% rise in fee and commission income.

Bank sees steady loan + deposit growth: Mashreq’s loan portfolio rose 6% y-o-y during the quarter to AED 91.1 bn, the bank said. Meanwhile, deposits increased 6% to AED 120.2 bn.

What they said: “I am delighted to announce Mashreq’s strong financial performance in 1Q 2023, a testament to our ability to adapt to changing market conditions,” said our friend Ahmed Abdelaal, Mashreq’s group CEO. “The progress made in product expansion and geographic reach during 1Q marks a crucial milestone for the bank, with the approval of a digital license in Pakistan and considerable expansion in Egypt,” Chairman Abdul Azaz Al Ghurair said.

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