Dubai-listed Mashreq Bank has reported a profit of AED 1.2 billion ($326.7 million) for the third quarter of 2022, up from AED 193 million year-on-year.

Group CEO Ahmed Abdelaal said despite financial headwinds around the world, the bank remained in a position to build on its “robust” results so far in 2022.

In its Q3 financial results, released to Dubai Financial Market (DFM), Mashreq reported a profit of AED 2.64 billion for the first nine months of the year, up from AED 319.5 million in the same period in 2021.

Operating income for the third quarter of 2022 was AED2.04 billion, up from AED1.43 billion year on year, and was AED 5.34 billion for the first nine months of the year, up from AED 4.3 billion YoY.

“Despite the financial headwinds enveloping the world, the bank remains on point to build on the robust results achieved so far in 2022,” Abedelaal said.

Mashreq shares were trading at AED 103.50 at market close, above the current median, which is AED 111.60.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com