Recent Research

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  FIRST LOOK NOTES

  04 Aug 2026

  Mashreq Bank

  HOLD

  Last Closing Price

  260.10

  Target Price

  270.00

  Upside (%)

  +3.81%

  UAE Equity Research - Mashreq Bank (MASQ) 2Q26 - First Look Note

  Customer deposits increased 27.9% YOY and 8.1% QOQ to AED 227.2 Bn, and net advances rose 26.1% YOY and 0.8% QOQ to AED 169.1 Bn during 2Q26. NIMs declined 15 bps YOY and grew 17 bps QOQ to 3.3% in 2Q26. Asset quality improved, with the NPL ratio falling to 1.1% in 2Q26 from 1.2% in 1Q26, reflecting disciplined underwriting and prudent portfolio management.

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• 

  FIRST LOOK NOTES

  09 Feb 2026

  Mashreq Bank

  HOLD

  Last Closing Price

  253.00

  Target Price

  270.00

  Upside (%)

  +6.72%

  UAE Equity Research - Mashreq Bank (MASQ) 4Q25 - First Look Note

  Net profit declined 44.3% YOY to AED 1,751 Mn in 4Q25, impacted by lower other operating income and higher tax expenses. Asset quality improved, with the NPL ratio falling to 1.2% in 4Q25 from 1.4% in 3Q25, reflecting disciplined underwriting and prudent portfolio management.

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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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