Mashreq Bank Pakistan Financial Results — FY2025 & Q1 2026
Audited full-year results and the latest unaudited quarter — see the full bank overview.
- FY2025 Loss: PKR 7.80bn
- Q1 2026 Deposits: PKR 4.32bn
Mashreq Bank Pakistan is still in its start-up phase, so its financial results read very differently from an established bank's: the headline number both in FY2025 and Q1 2026 is a loss, not a profit. That's expected for a newly licensed digital bank scaling up technology, staff, and marketing ahead of a larger deposit base — but the numbers below let you see exactly how large that loss is, and how it's trending quarter to quarter.
Mashreq Bank Pakistan Limited (MBPL) commenced commercial operations in September 2025 and launched its NEO digital platform in November 2025. This page lays out MBPL's first full year of audited results (FY2025, ended 31 December 2025) alongside its first complete quarter of full-scale operations since launch (Q1 2026, ended 31 March 2026, unaudited).
FY2025 Full-Year Highlights (Audited)
- Loss After Tax
- PKR 7.80bn
- Loss Per Share
- PKR (9.13)
- Total Assets
- PKR 13.98bn
- Net Assets
- PKR 3.83bn
- Total CAR
- 81.76%
Last verified: 3 Sep 2026 — figures on this page can change; re-check against mashreq.com/en/pk before relying on them.
These are MBPL's first full-year audited results — the bank had no deposits at all as at 31 December 2024, so most year-on-year growth figures below are not meaningful and are shown as absolute values instead.
| Metric | FY2025 | Detail |
|---|---|---|
| Net Mark-up / Interest Income | PKR 699m | Up from PKR 199m in FY2024 (the Bank's partial first year) |
| Total Income | PKR 691m | Non-mark-up income was a net expense of PKR 8.2m, mainly an FX loss |
| Operating Expenses | PKR 8.49bn | Up from PKR 3.48bn in FY2024 — start-up and scale-up costs |
| Loss Before Taxation | PKR (7.80bn) | Vs PKR (3.27bn) in FY2024 |
| Total Assets | PKR 13.98bn | Up from PKR 5.36bn at end-2024 |
| Deposits | PKR 1.32bn | First deposits recorded — the Bank had none at end-2024 |
| Net Assets (Equity) | PKR 3.83bn | Up from PKR 1.70bn, supported by new share issuance |
| Total Capital Adequacy Ratio | 81.76% | Well above the SBP's 15.00% minimum requirement |
| Leverage Ratio | 28.93% | Well above SBP's minimum requirement |
| Liquidity Coverage Ratio | 276% | SBP minimum is 100% |
| Net Stable Funding Ratio | 245% | SBP minimum is 100% |
FY2025 figures confirmed from MBPL's audited Financial Statements for the year ended December 31, 2025, authored by A. F. Ferguson & Co., Chartered Accountants (audit report dated March 5, 2026).
Q1 2026 Update (Unaudited)
MBPL's momentum continued into Q1 2026: deposits nearly tripled from PKR 1.32 billion at end-2025 to PKR 4.32 billion at 31 March 2026, and total assets grew from PKR 13.98 billion to PKR 18.06 billion over the same quarter. But the quarterly loss also grew — MBPL posted a loss after tax of PKR 2.41 billion for the three months ended 31 March 2026, up from a loss of PKR 703 million in the same quarter of 2025, driven mainly by a jump in operating expenses to PKR 2.68 billion (from PKR 843 million) as the Bank scaled up staff, software, and marketing spend following its commercial launch. Accumulated losses since inception reached PKR 13.98 billion by end-Q1 2026. The Bank's capital ratios eased from their FY2025 peak but remained well above SBP's minimums: total capital adequacy ratio was 76.54% (vs 81.76% at end-2025) and the liquidity coverage ratio was 218% (vs 276%).
Q1 2026 figures confirmed from MBPL's Condensed Interim Financial Statements as at March 31, 2026 (unaudited), authorised for issue by the Board of Directors on 28 April 2026.
Why the Losses Are Expected — And What to Watch
A newly licensed digital bank spending heavily on technology, staffing, and customer acquisition before its deposit base has scaled is a normal pattern, not a red flag by itself — MBPL's capital adequacy, leverage, and liquidity ratios all sit far above SBP's minimum thresholds, and the Bank's net assets have stayed positive throughout, supported by capital injections from its parent, Mashreqbank P.S.C. The metric worth tracking going forward is whether net mark-up income and fee income grow faster than operating expenses as the deposit base matures — Q1 2026's operating expenses were roughly 9.6x net mark-up income, a gap that will need to narrow for the Bank to approach breakeven.
How to Verify the Latest Information
Banking facts change — new fee schedules, updated rates, or a revised contact number can all go live between our reviews. Before relying on anything above for a real transaction, cross-check it against State Bank of Pakistan and Mashreq Pakistan investor disclosures, the primary source this page draws from.
FAQs
What was Mashreq Bank Pakistan's FY2025 result?
Mashreq Bank Pakistan Limited reported an audited loss after tax of PKR 7.80 billion for the year ended 31 December 2025, its first full year of commercial operations.
What was Mashreq Bank Pakistan's Q1 2026 result?
For the quarter ended 31 March 2026 (unaudited), Mashreq Bank Pakistan Limited reported a loss after tax of PKR 2.41 billion, with deposits growing to PKR 4.32 billion.
Why does Mashreq Bank Pakistan report a loss?
Mashreq Bank Pakistan is a newly licensed digital bank still scaling up technology, staffing, and customer acquisition ahead of a larger deposit base — losses during this start-up phase are expected and its capital adequacy ratios remain well above SBP's minimum requirements.
Good For
- Understanding why a newly licensed digital bank reports a loss, not a profit
- Comparing MBPL's FY2025 audited results against the Q1 2026 unaudited update
- Checking MBPL's capital adequacy and liquidity ratios against SBP minimums
- Tracking deposit growth as a proxy for MBPL's customer acquisition
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