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January 28, 2016updated 04 Apr 2017 12:47pm

Mashreq Q4 profit slumps 13.7%

Mashreq, a UAE-based banking group, has reported a net profit of AED556.2m for the fourth quarter of 2015, a decline of 13.7% compared to AED644.3m a year earlier.

Mashreq, a UAE-based banking group, has reported a net profit of AED556.2m for the fourth quarter of 2015, a decline of 13.7% compared to AED644.3m a year earlier.

Total operating income increased 0.1% year-on-year to AED1.52bn, the bank said in its earnings statement.

Operating profit for the quarter stood at AED869m, a fall of 5.6% from AED921m a year ago.

Net interest income dropped 0.2% to AED813m from AED814m in the fourth quarter of 2014.

Operating expenses were AED650m, up 8.8% compared to AED597m a year earlier.

Mashreq CEO Abdul Aziz Al Ghurair said: "The Bank has maintained a steady performance in the difficult market conditions, proving once again that being prepared is half the battle won. As many others in the industry, we read the signs of the market softening early and took decisions to moderate our growth strategy accordingly."

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