{"id":88498,"date":"2024-01-30T00:00:00","date_gmt":"2024-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/mashreq-delivers-record-net-income-of-aed-8-6-bn-in-2023\/"},"modified":"2024-01-30T00:00:00","modified_gmt":"2024-01-30T00:00:00","slug":"mashreq-delivers-record-net-income-of-aed-8-6-bn-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/30\/mashreq-delivers-record-net-income-of-aed-8-6-bn-in-2023\/","title":{"rendered":"Mashreq delivers record net income of AED 8.6 bn in 2023"},"content":{"rendered":"

Our friends at <\/strong>Mashreq reported a 130% y-o-y rise in 2023 net income yo-y to AED 8.6 bn<\/strong>, according to the bank\u2019s earnings report (pdf)<\/a>. Management attributed the growth to a 69% y-o-y rise in net interest income to AED 7.7 bn, as well as cost reduction and solid client margins, the bank said. A high interest rate environment and favorable one-off effects linked to loan loss provisioning backed the growth, the bank said. The bank\u2019s non-interest income was up 13% y-o-y to AED 3.1 bn. <\/p>\n

The bank\u2019s total assets grew 21.7% y-o-y to AED 240 bn<\/strong>, as it ramped up loans and advances 25% y-o-y to a cumulative AED 149.5 bn, according to the report. Customer deposits rose 29% y-o-y to 146.2 bn.<\/p>\n

What they said: <\/strong>\u201cOur franchise continues to yield outstanding results, bolstered by the addition of a substantial number of new clients and the deepening of existing relationships across the bank,\u201d Mashreq Chairman Abul Aziz Ghurair said. <\/p>\n

Looking ahead:<\/strong> \u201cOur course and position remain resolute, even in the face of ongoing uncertainty,\u201d Group CEO Ahmed Abdelaal said. \u201cWe possess a stable, robust, and resilient business model, characterized by high quality earnings and a well-diversified loan portfolio spanning various markets.\u201d <\/p>\n

Operational adjustments could be necessary as interest rates normalize: <\/strong>\u201cIt is imperative, however, that we brace ourselves for the normalization of interest rates, which will necessitate adjustments in operational strategies to align with this new reality,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The growth was mainly attributed to a 69% y-o-y rise in net interest income<\/p>\n","protected":false},"author":1,"featured_media":88499,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1596],"tags":[159,237,7,288],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-enterpriseam-uae","tag-mashreq","wpautop","entry"],"acf":{"mongo_id":"72badf99-d36b-478e-abbe-dce2f07d7fdc","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/979.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq achieves record net income of AED 8.6 bn in 2023","related_issue":[88485],"teaser":"The growth was mainly attributed to a 69% y-o-y rise in net interest income","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.aec248d1-6f05-44ef-a01c-9f2dbae4937e.mp3"},"yoast_head":"\nMashreq delivers record net income of AED 8.6 bn in 2023 - 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