Mashreq sees wealth, SMEs to double consumer business profits

June 4, 2014 1:51 am

Dubai’s third-biggest lender, Mashreqbank expects its consumer business profit to double this year, driven by the wealth management and small companies segments as the UAE’s economy rebounds, Bloomberg has reported. Profit at the consumer banking arm may rise to about Dhs1bn ($272m) in 2014 from Dhs450m last year, and jump to Dhs2.5bn in three years, Farhad Irani, the lender’s head of retail banking told the news service. An increase in credit and debit card payments in the UAE, where Mashreq is both an issuer and a manager of payments, is also helping boost growth, he said.