Dubai / WAM
Mashreq, a leading financial institution in the Middle East and North Africa, reported its financial results for the year ending December 31, 2022. The bank’s operating profit was AED4.4 billion, a 39.2% increase compared to the previous fiscal year, with a net profit of AED3.7 billion ($1 billion).
Mashreq had a growth of 12.1% year-to-date in customer deposits and had a loan-to-deposit ratio of 79.4% at the end of December 2022. Impairment allowance was reduced to AED497 million and the non-performing loan ratio declined to 2.2%.
AbdulAziz Al Ghurair, Chairman of Mashreq, stated that the bank looks forward to shaping the future of finance with a focus on innovation, convenience, trust, and delivering an unmatched customer experience through its products and services.
Ahmed Abdelaal, CEO of Mashreq, reported solid growth in all business activities for 2022 and credited the success to the hard work of the Mashreq team. The bank aims to continue its strategy of being a digital disruptor and challenger bank by focusing on developing experiences that positively impact its clients’ daily lives.