Dubai-based Mashreq Bank has announced a 2022 net profit of 3.7 billion UAE dirhams ($1 billion), up 270% year-on-year in what its chairman described as “a transformative year”.  

The bank announced net profit for the fourth quarter or 2022 up to 1.126 billion UAE dirhams, up from 1.181 billion UAE dirhams quarter-on-quarter and from 737million UAE dirhams YoY.  

Operating profit for 2022 was 7.496 billion UAE dirhams, up from 5.806 billion UAE dirhams in 2021. Operating profit for the year was 4.43 billion UAE dirhams, up from 3.183 billion UAE dirhams for the year.

AbdulAziz Al Ghurair, chairman of Mashreq, said the bank had had a “transformative year”.  

Group CEO Ahmed Abdelaal, said retail banking operations grew by 42% during the year  while Mashreq’s digital solutions Neo and personal banking net profit grew by 43%.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)