Recent Research

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  FIRST LOOK NOTES

  05 Nov 2025

  Mashreq Bank

  ACCUMULATE

  Last Closing Price

  237.00

  Target Price

  270.00

  Upside (%)

  +13.92%

  UAE Equity Research - Mashreq Bank (MASQ) 3Q25 - First Look Note

  MASQ’s non-funded income continued to grow and now accounts for 33.8% of total operating income in 3Q25, compared to 29.1% in 3Q24. The Bank recorded impairment charges of AED 121 Mn in 3Q25 compared to AED 118 Mn in 3Q24.

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• 

  FIRST LOOK NOTES

  31 Jul 2025

  Mashreq Bank

  HOLD

  Last Closing Price

  252.00

  Target Price

  270.00

  Upside (%)

  +7.14%

  UAE Equity Research- Mashreq Bank (MASQ)- 2Q25 First Look Note

  MASQ’s non-funded income continued to grow and now accounts for 35.0% of total operating income in 2Q25, compared to 30.3% in 2Q24. The Bank recorded impairment charges of AED 144 Mn in 2Q25 compared to a reversal of AED 83 Mn in 2Q24.

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• 

  FIRST LOOK NOTES

  05 May 2025

  Mashreq Bank

  ACCUMULATE

  Last Closing Price

  240.00

  Target Price

  270.00

  Upside (%)

  +12.50%

  UAE Equity Research - Mashreq Bank (MASQ) 1Q25 - First Look Note

  MASQ’s non-funded income continued to grow and now accounts for 37.0% of total operating income in 1Q25, compared to 31.7% in 1Q24. Impairment charges increased substantially from AED 38 Mn in 1Q24 to AED 101 Mn in 1Q25.

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• 

  FIRST LOOK NOTES

  07 Feb 2025

  Mashreq Bank

  ACCUMULATE

  Last Closing Price

  242.00

  Target Price

  270.00

  Upside (%)

  +11.57%

  UAE Equity Research - Mashreq Bank (MASQ) 4Q24 - First Look Note

  Other income growth is driven by the one-off capital gain worth AED 1.2 Bn from the sale of 65% stake in IDFAA Payment Service LLC. Asset quality improved as its reported NPL ratio fell from 1.5% in 3Q24 to 1.4% in 4Q24.

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• 

  FIRST LOOK NOTES

  11 Nov 2024

  Mashreq Bank

  HOLD

  Last Closing Price

  238.00

  Target Price

  235.00

  Upside (%)

  -1.26%

  UAE Equity Research - Mashreq Bank (MASQ) 3Q24 - First Look Note

  Net advances grew 19.4% YOY and 4.1% QOQ to AED 119 Bn in 3Q24, while customer deposits grew 17.5% YOY and 1.4% QOQ to AED 156 Bn in 3Q24. NIMs declined 58 bps YOY and 2 bps QOQ to 4.2% in 3Q24, while cost-to-income improved from 30.7% in 3Q23 to 29.2% in 3Q24.

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• 

  FIRST LOOK NOTES

  31 Jul 2024

  Mashreq Bank

  HOLD

  Last Closing Price

  208.00

  Target Price

  219.00

  Upside (%)

  +5.29%

  Higher lending and impairment reversals boosted profitability

  Net advances grew 19.9% YOY and 3.0% QOQ to AED 114 Bn in 2Q24, while customer deposits grew 21.4% YOY but declined 1.0% QOQ to AED 154 Bn in 2Q24. NIMs declined 41 bps YOY and 27 bps QOQ to 4.2% in 2Q24, while cost-to-income grew from 26.5% in 2Q23 to 27.9% in 2Q24

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