Mashreq Bank’s 2023 profits skyrocket 130.5%; operating income hit $2.94bln

Mashreq Bank’s 2023 profits skyrocket 130.5%; operating income hit $2.94bln

Mashreq Bank achieved net profits attributable to the shareholders worth AED 8.58 billion ($2.33 billion) in 2023, up 130.30% from AED 3.72 billion ($1.01 billion) in January-December 2022.

The UAE lender posted operating income amounting to AED 10.80 billion ($2.94 billion) as of 31 December 2023, an annual hike of 47.90% from AED 7.30 billion ($1.98 billion), according to the financial results.

Earnings per share (EPS) reached AED 42.82 ($11.66) last year, higher by 130.30% year-on-year (YoY) than AED 18.59 ($5.06).

Total assets increased by 21.70% YoY to AED 239.98 billion ($65.33 billion) in 2023 from AED 197.24 billion ($53.70 billion). Meanwhile, the customer’s deposits rose by 28.50% YoY to AED 132.60 billion ($36.10 billion) from AED 98.82 billion ($26.90 billion).