Mashreqbank reported full-year 2024 net profit before tax of AED 9.9 billion, a 12% increase on the prior year, with net profit after tax reaching AED 9 billion, equivalent to $2.45 billion, according to results published on 30 January 2025.
Total operating income grew 24% year-on-year to AED 13.4 billion; the total included a one-off net gain of AED 1.2 billion from the partial sale of a subsidiary, while an AED 869 million tax charge weighed on the bottom line. Non-interest income rose 63% to AED 5 billion, driven by fee-generating activities and client engagement in FX, derivatives and commodities.
BALANCE SHEET, DEPOSITS AND RETURNS
Total assets grew 11% over 2024 to AED 267 billion, driven by 18% loan growth across wholesale and retail financing. Current and savings account balances represented 66% of total deposits.
The bank's return on equity was 29% for 2024.
Mashreq, which is listed on the Dubai Financial Market, has a concentrated ownership structure, with the Al Ghurair family retaining significant control.