Feb. 2 (Bloomberg) -- Mashreqbank PSC, the United Arab Emirates lender controlled by the Al Ghurair family, said full- year profit rose 2 percent as bad-loan provisions dropped.
Net income advanced to 820 million dirhams ($223 million) from 803 million dirhams a year earlier, the bank said in a statement to the Dubai stock market today. Provisions declined 32 percent to 1.2 billion dirhams.
“The results reflect our policy of balancing prudence with profitability,” Chief Executive Officer Abdul-Aziz Al Ghurair said in the statement. “Although 2011 was a challenging year for the region, we continue to maintain high levels of capitalization and liquidity and remain fully committed to the markets across the Gulf Cooperation Council.”
Fourth-quarter profit slumped 59 percent to 64 million dirhams from 156 million dirhams a year earlier, according to Bloomberg calculations based on full-year data.
--Editors: Shaji Mathew, Inal Ersan
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