Dubai, UAE — Mashreq reported an 8% rise in first-quarter net profit after tax, as higher revenues, robust loan growth and stronger fee income helped the lender navigate a more challenging regional operating environment.
The Dubai-based bank posted net profit after tax of AED1.93 billion ($524.7 million) for the three months ended March 31, up from AED1.79 billion a year earlier. Net profit before tax rose 9% to AED2.28 billion.
Total revenue increased 10% year-on-year to AED3.43 billion, supported by a 4% rise in net interest income and income from Islamic financing to AED2.04 billion. Non-interest income climbed 20% to AED1.39 billion, accounting for 41% of total revenue.
Mashreq’s balance sheet continued to expand, with total assets rising 26% to AED344.3 billion at the end of March. Customer loans grew 33% to AED167.7 billion, while customer deposits increased 23% to AED210.2 billion.
The bank maintained strong capital levels, with its capital adequacy ratio at 15.8% and Tier 1 capital ratio at 14.5%, both comfortably above regulatory requirements.
Chairman Abdulaziz Al Ghurair said escalating regional geopolitical tensions during the quarter underscored the resilience of the UAE and wider Gulf economies, supported by strong fiscal policies, non-oil growth and well-capitalised financial systems.
Group Chief Executive Ahmed Abdelaal said Mashreq had focused on transparency and business continuity amid a shifting operating environment, while continuing to diversify its revenue base.
He said the bank’s growing contribution from non-interest income reflected the strength of its business model and increasing reliance on customer activity across its franchise.
