{"id":585779,"date":"2023-04-30T00:00:00","date_gmt":"2023-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/30\/mashreq-net-income-more-than-doubles-in-1q-2023\/"},"modified":"2023-04-30T00:00:00","modified_gmt":"2023-04-30T00:00:00","slug":"mashreq-net-income-more-than-doubles-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/30\/mashreq-net-income-more-than-doubles-in-1q-2023\/","title":{"rendered":"Mashreq net income more than doubles in 1Q 2023"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Mashreq reports strong earnings growth in 1Q:<\/span><span style=\"\">Emirati lender Mashreq reported net income <\/span><span>of AED 1.6 bn in 1Q 2023, up 160% from the same period in 2022, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/974.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bank sees steady loan + deposit growth:<\/span><span style=\"font-weight:400;\"> Mashreq\u2019s 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What they said:<\/span><span> \u201cI am delighted to announce Mashreq\u2019s strong financial performance in 1Q 2023, a testament to our ability to adapt to changing market conditions,\u201d said our friend Ahmed Abdelaal, Mashreq\u2019s group CEO. <\/span><span style=\"font-weight:400;\">\u201cThe 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,\u201d Chairman Abdul Azaz Al Ghurair said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interest income drove revenue growth during the quarter<\/p>\n","protected":false},"author":1,"featured_media":585780,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[204,409,72,9017],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-enterpriseam","tag-mashreq","wpautop","entry"],"acf":{"mongo_id":"5448a555-1bb4-426a-b981-74fd38825260","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/979.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE lender Mashreq\u2019s net income more than doubles in 1Q 2023","related_issue":[585768],"teaser":"Interest income drove revenue growth during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.aea53f0b-25d0-4d1c-8dd1-d633751f7f59.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614344,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/31\/mashreq-delivers-record-net-income-in-2023\/","url_meta":{"origin":585779,"position":1},"title":"Mashreq delivers record net income in 2023","author":"enterpriseam admin","date":"31 January 2024","format":false,"excerpt":"The growth was mainly attributed to a 69% y-o-y rise in net interest income","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/979.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609040,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/sodic-mashreq-earnings-jump-in-9m-2023\/","url_meta":{"origin":585779,"position":2},"title":"SODIC + Mashreq earnings jump in 9M 2023","author":"enterpriseam admin","date":"30 October 2023","format":false,"excerpt":"Real estate developer SODIC\u2019s net income rose 26% y-o-y to EGP 548 mn in 9M 2023, it said in a statement (pdf). The company\u2019s revenues for the nine-month period rose 7% y-o-y to EGP 5 bn, driven by deliveries of East Cairo projects, namely in SODIC East and Villette\u2019s Sky\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1424.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654256,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/sodic-reports-highest-ever-quarterly-sales-mashreq-reports-9m-earnings\/","url_meta":{"origin":585779,"position":3},"title":"SODIC reports highest ever quarterly sales + Mashreq reports 9M earnings","author":"enterpriseam admin","date":"30 October 2024","format":false,"excerpt":"Earnings o'clock: It was a busy day for earnings with both our friends at real estate developer SODIC and UAE-based lender Mashreq Bank reporting their earnings for 3Q 2024 and the first nine months of the year. 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