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Dubai-based Mashreq Bank’s Q3 net profit soared 89% year-on-year (YoY) to 2.25 billion dirhams ($613 million) driven by a sharp rise in net interest income (NII) and income from Islamic financing.
The net profit far exceeded analysts’ mean estimate of AED 1.69 billion, according to LSEG data.
Operating profit came in at AED 1.92 billion in the quarter, 51% higher on year, the lender said in a filing on the Dubai Financial Market (DFM), where its shares trade.
Interest income and income from Islamic financing stood at AED 2 billion, up 60% from the year-ago period.
For nine-months 2023, Mashreq Bank's net profit rose more than double to AED 5.76 billion, spurred by an 82% increase in NII. Earnings per share came in at AED 28.75.
As of the end of September, customer deposits were AED 132.86 billion, up 21% year-on-year, while loans and advances were AED 99.28 billion, up 8.7% year-on-year.
(Writing by Brinda Darasha; editing by Seban Scaria)
