Dubai lender Mashreq Q4 net profit down 13.7% to Dh556.2 million

Mashreq’s impairments reached Dh1 billion at the end of last year, the statement said, down from Dh1.08bn set aside for bad loans at the same point of 2014.

Mashreq, Dubai’s third-biggest bank by assets, posted a 13.7 per cent fall in fourth-quarter net profit on Wednesday.

The lender made a net profit of Dh556.2 million in the three months to December 31, it said in a statement.

This was down from a profit of Dh644.3m recorded for the corresponding period of 2014.

The bank’s 2015 annual net profit was Dh2.4 billion, the same as in 2014.

Mashreq’s impairments reached Dh1bn at the end of last year, the statement said, down from Dh1.08bn set aside for bad loans at the same point of 2014.

Loans and advances at December-end were Dh60.2bn, up 3.7 per cent on the same point of 2014, while deposits over the same period grew 7.5 per cent to Dh73.6bn.

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