We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 12 Apr 2017 07:24 PM

Font Size

- Aa +

Dubai banking major posts first quarterly profit for nearly 2 years

Mashreq, Dubai's third-biggest bank by assets, reports a 2.7% rise in first-quarter net profit

Dubai banking major posts first quarterly profit for nearly 2 years

Mashreq, Dubai's third-biggest bank by assets, reported a 2.7 percent rise in first-quarter net profit on Wednesday, its first increase in seven quarters.

The bank said in a statement that net profit increased to AED546 million primarily due to a 15 percent decrease in impairment allowance.

It added that net interest income and net income from Islamic products were down by 3.6 percent year-on-year, on the back of flat loan growth.

Total assets decreased by 1.7 percent in the year to reach AED120.7 billion while customer deposits declined slightly by to AED76.4 billion

The banks's non-performing loans to gross loans ratio remained relatively steady at 3.3 percent at the end of March 2017, according to the statement which added that the risk charge for the quarter decreased from AED425 million in Q4 2016 to AED311 million in Q1.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.