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19 May 2024

Mashreq Q4 profit jumps 48%

By Reuters

Mashreq, Dubai's third-biggest lender by assets, on Monday posted a 48 per cent rise in fourth-quarter net profit, Reuters calculations showed.

The bank earned Dh504.6 million ($137.38 million) in the quarter, compared with Dh342 million in the year-ago quarter. Brokerage Arqaam Capital expected it to post a profit of Dh525 million for the quarter.

The bank said in a bourse statement its net profit for the full year rose to Dh1.81 billion from Dh1.37bn in 2012. Reuters calculated the quarterly results from the bank's previous financial statements.