The Arab Bank for Investment & Foreign Trade (Al Masraf), has recently reported its Financial Results for the year ended 31 December 2024.
Al Masraf posted a Net Profit of AED 231.3 million for the year 2024, compared to a net profit of AED 189.4 million in 2023 representing an increase of 22%. The growth in net profit is a result of improved operating performance on the back of a favorable asset and liability mix and higher interest rates.
The customers’ deposits increased to AED 16,960 million as compared to AED 14,750 million in 2023 and the Bank’s Investments Portfolio increased by 71.9% to AED 6,593 million compared to AED 3,836 million in 2023. The increase was attributable to increase in the fixed income securities. As part of the active balance sheet management, the net loans and advances increased to AED 13,034 million from AED 12,901 million in the previous year, as the Bank continued to de-risk and selectively book new business. The Balance sheet remains strong with capital adequacy ratios and liquidity metrics being well ahead of the regulatory requirements.
Commenting on the results, H.E. Farhat Omar Ben Gadara, Chairman of the Board of Directors, said: “We are proud of Al Masraf’s robust financial performance in 2024, which reaffirms the successful execution of our ambitious strategy and the resilience of the UAE economy. Our relentless focus remains on delivering tailored banking products and services, leveraging cutting-edge technology to enhance customer experience and operational efficiency.”
He further added: “We look ahead to 2025 with confidence and optimism, buoyed by promising growth opportunities across key economic sectors. Our digital transformation, operational excellence, and sustainable growth strategies will further solidify value creation for our shareholders.“
Fuad Mohamed, CEO of Al Masraf, commented: “These results demonstrate our steadfast progress toward sustainable growth. We will continue to prioritize revenue diversification, customer-centric solutions, and investments in digital innovation—all while elevating the client experience.”
Credit Rating Update
Fitch Ratings affirmed Al Masraf’s long-term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook, and its Viability Rating at ‘b+’.
