Mashreq Bank Banks

ACCUMULATE
AED 231
AED 270.00
17%
  • 46,340.87
  • 200.61
  • 165 L H 269
  • 224,800

Financial

FY2021A FY2022A FY2023A FY2024E FY2025E
PE (x) 41.55 12.43 5.40 7.45 8.47
PB (x) 2.29 2.06 1.59 1.46 1.35
Dividend Yield (%) 0.43 3.90 8.01 9.13 7.79

Recent Research

  • UAE Flag
    FIRST LOOK NOTES
    07 Feb 2025
    Mashreq Bank
    ACCUMULATE
    AED 242.00
    AED 270.00
    +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.
    Download
  • UAE Flag
    FIRST LOOK NOTES
    11 Nov 2024
    Mashreq Bank
    HOLD
    AED 238.00
    AED 235.00
    -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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  • UAE Flag
    FIRST LOOK NOTES
    31 Jul 2024
    Mashreq Bank
    HOLD
    AED 208.00
    AED 219.00
    +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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  • UAE Flag
    FIRST LOOK NOTES
    21 Jul 2024
    Mashreq Bank
    HOLD
    AED 159.00
    AED 180.00
    +13.21%

    Growth in funded income and reversals of impairments boosted bottom-line

    MASQ registered 9.9% 2023 YTD growth to AED 99.3 Bn in 3Q23 driven by increased lending across all the sectors. Recorded a provisioning reversal of AED 395 Mn as compared to a loss of AED 30 Mn in 3Q23 owing to its prudent risk management practices. Customers deposits witnessed 16.7% 2023 YTD growth with CASA balance accounting for 63.2% of total deposits in 3Q23. Asset quality continued to improve with an NPL ratio of 2.0%, whereas provision coverage declined from 205.6% in 2Q23 to 193.0% in 3Q
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  • UAE Flag
    FIRST LOOK NOTES
    06 May 2024
    Mashreq Bank
    HOLD
    AED 191.00
    AED 195.00
    +2.09%

    Strong growth in funded and non-funded income drove the bottom line

    MASQ registered 21.3% YOY and 0.1% QOQ growth in advances to AED 110.5 Bn in 1Q24. The Bank reported 24.7% YOY growth in net profit to AED 2 Bn in 1Q24 despite the introduction of 9.0% corporate tax. Customer deposits witnessed 29.4% YOY and 6.3% QOQ growth with CASA balance accounting for 62% of total deposits in 1Q24. MASQ’s shareholders approved a robust dividend of AED 18.5 per share for the year 2023, resulting in a strong dividend yield of 9.7%.
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  • UAE Flag
    FIRST LOOK NOTES
    08 Feb 2024
    Mashreq Bank
    HOLD
    AED 195.00
    AED 205.00
    +5.13%

    Solid funded and non-funded income and reversal of impairments drove bottom-line

    MASQ registered 22.2% growth in advances to AED 110.4 Bn in 2023 driven by increased lending across all the sectors except the transportation and communication sector
    Download
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