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.