Dubai – Mubasher: Mashreq Bank, listed on the Dubai Financial Market (DFM), on Monday reported a 12% year-on-year drop in net profit for the last quarter of 2017.
Net profit amounted to AED 387.9 million ($105.59 million) in the fourth quarter of 2017, compared to AED 440.2 million ($119.83 million) in the same period a year before, the bank said in a filing to the DFM.
Meanwhile, net profit rose 7% to AED 2.052 billion in 2017, up from AED 1.926 billion a year earlier.
Impairment allowance declined by 14% to AED 1.488 billion at the end of 2017, compared to AED 1.734 billion the previous year.
Operating expenses retreated to AED 2.361 billion in 2017 from AED 2.407 billion in 2016.
Given that Mashreq Bank’s net allowances for impairment narrowed to AED 1.5 billion for 2017, compared to AED 1.7 billion in the corresponding period last year, a 14.2% year-on-year decrease.
