Our friends at Mashreq reported AED 2.0 bn in net income after tax in 1Q 2024, rising 25% y-o-y, according to an earnings report (pdf). On a pre-tax basis, the UAE-based bank’s net income came in at AED 2.3 bn (up 36% y-o-y), with the lender noting that its net income after tax remained strong despite the introduction of the 9% corporate tax.

Driving the growth: “The main drivers include exceptional business growth, healthy client margins, the current interest rate environment, and low risk costs,” Mashreq said. The bank also reported 23% y-o-y growth in its net interest income, rising to AED 2.1 bn, which accounted for 68% of the lender’s total revenues for the quarter. Non-interest income rose 29% y-o-y, coming in at nearly AED 997 mn.

The bank is expanding and investing abroad: “Our efforts to launch our Digital Retail Bank in Pakistan remain afoot, which will mark a significant step in our international expansion,” said Group CEO Ahmed Abdelaal. “Additionally, the initiation of corporate banking operations in the United Kingdom and the opening of a new branch in Mumbai are pivotal in our mission to deliver innovative banking solutions across diverse markets.”

And that includes Egypt: “In Egypt, the launch of Mashreq NEO represents a key development in offering simplified and innovative banking experiences, which align with our goals to enhance customer satisfaction,” Abdelaal said.

AND ON THE TOPIC OF MASHREQ NEO-

Introducing the Mashreq NEO Visa Card: Our friends at Mashreq Egypt and Visa have launched the Mashreq NEO Visa Card, a new service targeting Egypt’s youth and offering them “seamless banking services, and exclusive benefits,” according to a joint statement (pdf) on Wednesday.

Mo Salah is on board: The Egyptian football superstar and Visa international ambassador will feature prominently in advertising for the Mashreq NEO Visa card in Egypt, Mashreq and Visa said in their statement.

What they said: “Our partnership with Mashreq is a testament to our shared commitment to innovation, accessibility, and the empowerment of individuals,” Visa’s country manager Malak El Baba said. “More than just a new segment, Mashreq NEO is a symbol of our pledge to provide efficient, secure, lifestyle and personalized banking experiences,” added Mashreq Egypt’s retail banking head Mohamed Talaat.

ICYMI: Mashreq Egypt launched Mashreq NEO — a banking segment that fulfills clients’ on-the-go banking needs — last month. Clients from the age of 15 can apply for a Mashreq NEO account through the bank’s mobile application on Google Play or App Store.

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