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  • UAE Flag
    FIRST LOOK NOTES
    09 Feb 2026
    Mashreq Bank
    HOLD
    AED 253.00
    AED 270.00
    +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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  • UAE Flag
    FIRST LOOK NOTES
    05 Nov 2025
    Mashreq Bank
    ACCUMULATE
    AED 237.00
    AED 270.00
    +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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  • UAE Flag
    FIRST LOOK NOTES
    31 Jul 2025
    Mashreq Bank
    HOLD
    AED 252.00
    AED 270.00
    +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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  • UAE Flag
    FIRST LOOK NOTES
    05 May 2025
    Mashreq Bank
    ACCUMULATE
    AED 240.00
    AED 270.00
    +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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  • 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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