{"id":619163,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/"},"modified":"2024-04-28T00:00:00","modified_gmt":"2024-04-28T00:00:00","slug":"mashreqs-net-income-after-tax-rose-by-25-in-1q2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/","title":{"rendered":"Mashreq\u2019s net income after tax rose by 25% in 1Q2024"},"content":{"rendered":"

Our friends at Mashreq reported AED 2.0 bn in net income after tax in 1Q 2024<\/strong>, rising 25% y-o-y, according to an earnings report (pdf)<\/a>. On a pre-tax basis, the UAE-based bank\u2019s 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.<\/p>\n

Driving the growth:<\/strong> \u201cThe main drivers include exceptional business growth, healthy client margins, the current interest rate environment, and low risk costs,\u201d 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\u2019s total revenues for the quarter. Non-interest income rose 29% y-o-y, coming in at nearly AED 997 mn. <\/p>\n

The bank is expanding and investing abroad:<\/strong> \u201cOur efforts to launch our Digital Retail Bank in Pakistan remain afoot, which will mark a significant step in our international expansion,\u201d said Group CEO Ahmed Abdelaal. \u201cAdditionally, 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.\u201d<\/p>\n

And that includes Egypt: \u201c<\/strong>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,\u201d Abdelaal said.<\/p>\n

AND ON THE TOPIC OF MASHREQ NEO-<\/p>\n

Introducing the Mashreq NEO Visa Card:<\/strong> Our friends at Mashreq Egypt and Visa have launched the Mashreq NEO Visa Card, a new service targeting Egypt\u2019s youth and offering them \u201cseamless banking services, and exclusive benefits,\u201d according to a joint statement (pdf)<\/a> on Wednesday. <\/p>\n

Mo Salah is on board: <\/strong>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.<\/p>\n

What they said: <\/strong>\u201cOur partnership with Mashreq is a testament to our shared commitment to innovation, accessibility, and the empowerment of individuals,\u201d Visa\u2019s country manager Malak El Baba said. \u201cMore than just a new segment, Mashreq NEO is a symbol of our pledge to provide efficient, secure, lifestyle and personalized banking experiences,\u201d added Mashreq Egypt\u2019s retail banking head Mohamed Talaat.<\/p>\n

ICYMI:<\/strong> Mashreq Egypt launched Mashreq NEO \u2014 a banking segment that fulfills clients\u2019 on-the-go banking needs \u2014 last month<\/a>. Clients from the age of 15 can apply for a Mashreq NEO account through the bank\u2019s mobile application on Google Play<\/a> or App Store<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Driving the growth were low risk-costs, strong client margins, and a global high-interest rate environment.<\/p>\n","protected":false},"author":1,"featured_media":619164,"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":[409,72,2373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam","tag-mashreq-bank","wpautop","entry"],"acf":{"mongo_id":"94d8dddf-c023-4877-9d18-71062f9761c0","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/891.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq\u2019s net income after tax rose by 25% in 1Q2024; Mo Salah on board for Mashreq NEO Visa in Egypt","related_issue":[619148],"teaser":"Driving the growth were low risk-costs, strong client margins, and a global high-interest rate environment.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a37ecf75-b93b-461a-8d9c-d71332a3eb04.mp3"},"yoast_head":"\nMashreq\u2019s net income after tax rose by 25% in 1Q2024 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/28\/mashreqs-net-income-after-tax-rose-by-25-in-1q2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mashreq\u2019s net income after tax rose by 25% in 1Q2024\" \/>\n<meta property=\"og:description\" content=\"Driving the growth were low 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SODIC REPORTS HIGHEST EVER QUARTERLY SALES- SODIC\u2019s Ogami pushes the company\u2019s sales to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2635.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591094,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/sodic-mashreq-earnings-more-than-double-in-2q-2023\/","url_meta":{"origin":619163,"position":4},"title":"SODIC + Mashreq earnings more than double in 2Q 2023","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"SODIC\u2019s bottomline more than doubles in 2Q 2023: Upmarket real estate deve loper SODI C reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y, according to the company\u2019s latest earnings release (pdf). The company\u2019s revenues for the quarter dipped 7% y-o-y to EGP 1.42 bn. Over\u2026","rel":"","context":"In "EARNINGS WATCH"","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":619163,"position":5},"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 "EARNINGS WATCH"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619163"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619163\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619164"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619163"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619163"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}