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  • 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.
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  • 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
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  • UAE Flag
    FIRST LOOK NOTES
    03 Aug 2023
    Mashreq Bank
    ACCUMULATE
    AED 146.00
    AED 160.00
    +9.59%

    Growth in NIMs and other operating income supported profit

    An increase in other operating income offset decline in core fee and commission income. Non-funded income rose 8.3% YOY to AED 737 Mn in 2Q23. Recorded a provisioning reversal of AED 43 Mn as compared to a loss of AED 212 Mn in 2Q23
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  • UAE Flag
    FIRST LOOK NOTES
    02 May 2023
    Mashreq Bank
    BUY
    AED 120.00
    AED 145.00
    +20.83%

    Improvement in asset quality and NIMs boost profitability

    Mashreq Bank (“MASQ”/The Bank) net profit more than doubled from AED 667 Mn in 1Q22 to AED 1,662 Mn in 1Q23, higher than our estimate of AED 949 Mn. The increase in net profit is mainly driven by robust growth in net funded and non-funded income coupled with a decline in impairment charges partially offset by a rise in operating expenses.
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  • UAE Flag
    FIRST LOOK NOTES
    21 Feb 2023
    Mashreq Bank
    BUY
    AED 125.00
    AED 145.00
    +16.00%

    Improved asset quality and growth in advances drove profitability

    4Q22 Net profit exceeded our estimate Mashreq Bank (“MASQ”/The Bank) reported a significant increase in net profit from AED 737 Mn in 4Q21 to AED 1,126 Mn in 4Q22, higher than our estimate of AED 811 Mn.
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