Mashreq’s Q1 income up 35%
Dubai’s third-biggest lender by assets, Mashreq has posted a 35% jump in first-quarter net profit on rising income thanks to improving economic conditions, Reuters has reported. The lender made a net profit of Dhs575m ($156.6m) in the opening three months of 2014, up from Dhs425m in the same period last year. Net interest income jumped 41% year-on-year, driven by higher lending and improvement in its net interest margin from changes to its balance sheet structure and the type of loans it held. Non-interest income also climbed significantly, helped by 33.3% growth in net fee and commission income and a 28.3% increase in net investment income. The high growth in income offset a 47% increase in impairments, which climbed to Dhs251m.