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Sun 18 Jan 2015 02:19 PM

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Dubai's Mashreq posts 28% rise in Q4 net profit

Dubai's third largest lender says it made over $175m net profit in three months to Dec 31

Dubai's Mashreq posts 28% rise in Q4 net profit
Mashreq Bank

Mashreq, Dubai's third-biggest lender by assets, on Sunday posted a 28 percent rise in fourth-quarter net profit, boosted by strong performance in operating income.

The lender made a net profit of 644.3 million dirhams ($175.4 million) for the three months to Dec. 31 compared with 504.6 million dirhams in the corresponding period of 2013.

Mashreq's statement cited strong growth in operating income.

The bank said its net profit for all of 2014 rose to 2.40 billion dirhams from 1.81 billion dirhams in 2013, a 33 percent increase.

Mashreq said its board proposed a 40 percent cash dividend for 2014.

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