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Tue 30 Apr 2013 09:34 PM

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Mashreq reports 57% jump in Q1 profit

Dubai's third-biggest lender by market value made a net profit of $115.8m in the three months to March 31

Mashreq reports 57% jump in Q1 profit
Mashreq Bank

Mashreq, Dubai's third-biggest lender by market value, on Tuesday reported a 57 percent jump in first-quarter net profit as a result of higher operating income.

The lender made a net profit of 425.3 million dirhams ($115.8 million) in the three months to March 31, it said in a statement, an increase on the 270.8 million dirhams recorded for the corresponding period in 2012.

Total operating income advanced 19.2 percent year-on-year, driven by a 10.5 percent hike in net interest income and a 26.9 percent rise in net fee and commission income.

The bank made impairments worth 170.7 million dirhams in the first quarter, down 2.8 percent from the 175.6 million dirhams set aside for bad loans in the same period of 2012.

Loans and advances at the end of March were 3.2 percent up on the end of 2012, while deposits over the same period grew 3.6 percent.

Mashreq's chief executive, Abdulaziz Al Ghurair, said in February he was "optimistic" about the bank's performance this year and expects profits to grow by between 10-15 percent, with provisions continuing to recede.

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