Dubai Mashreq reports 5pc jump in Q1 net income

23rd April, 2019 09:58:00 printer

DUBAI: Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, reported a 5 per cent year-on-year rise in its first quarter net profit as allowances for bad loans dropped.

Net income for the three-month period ending 31 March climbed to Dh628 million, the lender said in a statement on Monday. Impairment charges for the quarter fell 13.6 per cent from the year earlier period to Dh261m, report agencies.

The lender’s total provisions for loans and advances reached Dh3.8 billion, more than 123 per cent coverage for non-performing loans, it added. Mashreq, which plans to spend Dh500m on digital transformation over the next five years, also reported a 3 per cent.