Dubai – Mubasher: Mashreq Bank said its profits rose 2.7% year-on-year in the first quarter of 2017 on the back of lower provisions, according to the bank’s unaudited consolidated financial statements.
Profits grew to AED 546 million ($148.61 million) in the three-month period ended 31 March 2017, compared to AED 532 million ($144.8 million) in the prior-year period.
Provisions for non-performing loans declined 15% to AED 311 million in Q1-17, compared to AED 366 million in Q1-16.
Operating income rose 41.6% year-on-year to AED 1.5 billion in Q1-17, the bank said.
In 2016, net profits fell 20% to AED 1.93 billion from AED 2.4 billion recorded in 2015.
