Dubai’s Mashreq Bank’s Q4 profit falls 14% to AED 556 mln

The UAE-based Mashreq Bank, Dubai's third-biggest bank by assets, on Wednesday reported a Q4-2015 net profit of AED 556.2 million, a 13.7 percent drop year-on-year (YoY).

Net profit for the 2015 fiscal year remained flat YoY at AED 2.4 billion, the bank said in a statement.

The Dubai-listed lender’s non-performing loans to gross loans ratio decreased to 2.8 percent at the end of December 2015, from 3.7 percent in the previous year. Total assets increased by 8.8 percent YoY to AED 115.2 billion in 2015.

Mashreq recorded AED 1 billion in impairments by the end of 2015, down from AED 1.08 billion set aside for bad loans during 2014.