Bloomberg News

Mashreqbank Full-Year Profit Rises 2% as Loan Provisions Fall

February 02, 2012

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

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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