Mashreq

Mashreq: banking, digital channels and insurance

As of: 2026-06-30; FY2025 and history where stated

Mashreqbank PSC is a Dubai-founded bank represented on Dubai Financial Market under ticker MASQ. The Group combines corporate and retail services, international banking, treasury, asset management and Islamic products. Insurance is also within its scope, so consolidated income cannot be treated without qualification as the product of lending and deposit-taking alone.

This profile was checked on 30 August 2026. Its financial basis is Group reporting for FY2025 and H1 2026. Interim information was prepared under IAS 34 and reviewed; the annual statements were audited. Both cover the bank and controlled entities. Management ratios are considered on the bank's disclosed basis, not relabelled as accounting measures.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S3 · Mashreqbank PSC Group — FY2025 consolidated financial statements · 2025-12-31 · physical4–5,14; printed1–2,11
• S5 · Mashreq — Official investor relations report index · 2026-08-30 · Q22026 dated30July2026, exact FS and MD&A links; IR email

History and the earnings model

As of: 2026-06-30; FY2025 and history where stated

The bank was established in Dubai in 1967 by decree of the emirate's ruler. Its current model combines personal and corporate banking with international transactions, investment services and Islamic products. This produces interest, fees, investment and currency-related income, while exposing earnings to several different risks.

A broad product range allows financing, payments and cash management to serve the same customer. It also complicates interpretation: treasury results are not simply fee income, and insurance liabilities are not bank deposits. Digital delivery is a channel and a strategic component; it does not by itself guarantee low acquisition costs or rising profitability.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S2 · Mashreq — H1 2026 Management Discussion and Analysis · 2026-06-30 · physical/printed6–11,13

Four segments and the allocation of income

As of: 2026-06-30; FY2025 and history where stated

Wholesale Banking includes corporate and commercial business, international corporate customers and financial institutions. Products include trade, contracting and project finance, investment banking, cash management and correspondent banking. Retail serves individuals and small businesses in the UAE and Egypt through accounts, deposits, cards, mortgages, personal and business lending, wealth services and Islamic products.

Treasury & Global Markets combines customer flows, proprietary activities and asset-liability management. Customer-flow revenue is assigned to the respective customer segments. Insurance & Others combines Sukoon Insurance Group, head office and certain strategically held investments and activities. It cannot therefore be described as solely the insurer's result.

H1 2026 operating income was AED 2,679.914 million in Wholesale, AED 2,388.535 million in Retail, AED 1,052.029 million in Treasury & Global Markets and AED 705.744 million in Insurance & Others, totalling AED 6,826.222 million. Segment income is not net profit: expenditure, impairment and tax still matter.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36

Legal perimeter and international activities

As of: 2026-06-30; FY2025 and history where stated

At 30 June 2026 the Group owned 64.76% of Sukoon Insurance PJSC, 99.80% of Mashreq Al Islami Finance Company and 100% of Mashreq Securities, Mashreq Capital (DIFC), Mashreq Bank Pakistan Limited and Neo Ventures. Sukoon provides insurance and reinsurance, Capital manages assets and funds, and Securities provides brokerage. These entities are not one banking product, and their results must not be added again to consolidated earnings.

The list includes technology and service entities such as Mindscape, Injaz Services and Mashreq Global Network. Wholly owned Osool – A Finance Company is marked as under liquidation. Emirates Digital Wallet, with a 23.61% interest, is an associate rather than a wholly owned subsidiary. Ownership and the method of inclusion in financial reporting must be distinguished.

The bank reports branch activities in the UAE, Oman, Bahrain, Kuwait, Egypt, Hong Kong, India, Pakistan, Qatar, the United Kingdom and the United States. This is the financial statement's branch footprint, not a claim that identical retail products are offered everywhere. International transactions broaden the franchise but add currency, regulatory and operational dependencies.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36

Owners and leadership

As of: Ownership refresh2026-08-17; leadership H12026

The ownership register linked from official IR, refreshed on 17 August 2026, lists Saif Al Ghurair Investment Group at 44.37%, Abdullah Ahmed Al Ghurair Investment Company W.L.L at 32.00%, Masar Investments Limited at 12.75% and others at 10.88%. The disclosed entities should not be replaced by one undifferentiated family name.

The interim statements were signed by chairman Abdul Aziz Abdulla Al Ghurair and Group CEO Ahmed Abdelaal. Management position and shareholder interest are distinct: a family name in governance does not prove personal ownership. The ownership snapshot is dated, not presented as a continuously updated exchange register.

• S4 · Mashreq — Official shareholder structure, linked ownership widget · 2026-08-17 · Issuer-embedded Major Shareholders; last refreshed17August2026
• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36

FY2025 baseline and H1 2026

As of: 2026-06-30; FY2025 and history where stated

FY2025 operating income was AED 12,576.414 million, pretax profit AED 8,260.984 million and total net profit AED 6,970.193 million. H1 2026 equivalents were AED 6,826.222 million, AED 4,804.642 million and AED 4,047.569 million. The periods have different lengths; the table describes scale, not a direct growth rate between columns.

H1 net profit includes AED 92.137 million attributable to non-controlling interests, leaving AED 3,955.432 million for owners of the parent. Annual parent-owner profit was AED 6,839.622 million. Total and attributable profit must not alternate in a series without changing the label.

On a corresponding half-year basis, operating income rose from AED 6,187.473 million to AED 6,826.222 million and pretax profit from AED 4,076.461 million to AED 4,804.642 million. The annual history is not uninterrupted growth: FY2024 operating income of AED 13,415.703 million and pretax profit of AED 9,885.904 million exceeded FY2025. This gives context to the strong new half-year.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S3 · Mashreqbank PSC Group — FY2025 consolidated financial statements · 2025-12-31 · physical4–5,14; printed1–2,11

Profit growth and impairment recoveries

As of: 2026-06-30; FY2025 and history where stated

H1 2026 net interest and Islamic product income reached AED 4,224.841 million against AED 3,961.342 million a year earlier. Net fees were AED 716.004 million against AED 643.821 million. Investment and other income also contributed. Administrative expenses increased from AED 1,866.232 million to AED 2,143.914 million, so revenue growth does not flow entirely into profit.

A key feature was a net impairment reversal of AED 122.334 million instead of an AED 244.780 million charge in H1 2025. The MD&A attributes this to recoveries on previously written-off exposures exceeding new provisions. This explains why pretax profit exceeded operating profit before impairment. It is not a table error, but neither is it a recurring fee stream that can automatically be carried forward.

Quarterly and half-year margin movements must remain separate. Q2 NIM improved against Q1, while the half-year summary shows 2.7% versus 3.2% a year earlier. Editorially, earnings quality requires simultaneous attention to volumes, margins, expenses and repeatability of recoveries, not just the bottom line.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S2 · Mashreq — H1 2026 Management Discussion and Analysis · 2026-06-30 · physical/printed6–11,13

Funding, capital and credit risk

As of: 2026-06-30; FY2025 and history where stated

At 30 June Group assets were AED 365,747.852 million. Customer loans and Islamic financing were separately reported at AED 139,593.874 million and AED 29,494.123 million. Conventional customer deposits of AED 200,820.965 million and Islamic deposits of AED 26,368.930 million were likewise separate. The table retains those distinctions instead of presenting a calculated sum as an original line.

The MD&A reports CASA at 63%, LCR at 147% and loans-to-deposits at 74%. June-end capital adequacy was 16.9% and CET1 13.8%, against 14.5% and 12.3% at year-end 2025. These are bank regulatory measures, not substitutes for industrial debt-to-EBITDA analysis.

The NPL ratio was 0.9% and coverage 271%. High coverage does not eliminate future credit losses, and deposits are not permanently available risk-free funding. Stability, pricing and maturities matter alongside liquid assets, market borrowings and capital. Insurance contracts create their own obligations, which should not be confused with banking funding.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S2 · Mashreq — H1 2026 Management Discussion and Analysis · 2026-06-30 · physical/printed6–11,13

Strategic priorities and execution conditions

As of: 2026-06-30; FY2025 and history where stated

Management's H1 priorities include fee and transaction income, artificial intelligence and digital platforms, and international trade and payment corridors. These are stated objectives, not guaranteed forecasts. Technology initiatives should be assessed through service quality, system resilience and business economics rather than launch announcements alone.

Future profile updates should consider earnings repeatability without large impairment reversals, platform-expansion costs, deposit stability, credit quality after portfolio growth, and the relationship between banking and insurance operations. International activities also require monitoring of local operating and regulatory conditions.

In summary, Mashreq is a diversified banking group where corporate relationships, retail services and digital channels are complemented by treasury, investments and insurance. H1 earnings grew, but recoveries and lower year-on-year half-year margins are material context. This profile contains no price target, equity rating or buy/sell recommendation.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S2 · Mashreq — H1 2026 Management Discussion and Analysis · 2026-06-30 · physical/printed6–11,13

Contacts and sources

As of: 2026-08-30

Official website: https://www.mashreq.com/. Financial reports: https://www.mashreq.com/en/uae/about-us/investor-relations/financial-information/reports-presentations/. IR: InvestorRelations@mashreq.com, +971 4 5432077. Media: Media@mashreq.com, +971 4 3629608. Registered address: P.O. Box 1250, Dubai, United Arab Emirates. Only published business contacts are used.

Checks were performed on 30 August 2026. Financial balances and subsidiary interests refer to 30 June; ownership follows its source-refresh date. Financial-statement amounts in AED thousand are converted to AED million by division by 1,000 for the table without changing economic meaning. Sources are linked officially; PDFs, scans and internal working records are not hosted on the page.

• S1 · Mashreqbank PSC Group — H1 2026 condensed consolidated interim financial information · 2026-06-30 · physical 3–5, 10, 12, 37–38; printed1–3,8,10,35–36
• S2 · Mashreq — H1 2026 Management Discussion and Analysis · 2026-06-30 · physical/printed6–11,13
• S5 · Mashreq — Official investor relations report index · 2026-08-30 · Q22026 dated30July2026, exact FS and MD&A links; IR email