Thursday, May 02, 2013
(This story was originally published on Wednesday.)
DUBAI (Zawya Dow Jones)--Dubai-based Mashreqbank (MASQ.DFM) on Wednesday posted a 57% jump in first-quarter net profit as interest and fee income rose.
It made a three-month net profit of 425.3 million U.A.E. dirhams ($116 million), up from AED270.8 million in the year before period, Mashreq said in a statement posted on the Dubai bourse website.
The lender's total operating income in the first quarter was up 19% on year at AED1.12 billion, boosted by a 11% increase in net interest income and a 27% jump in net fee and commission, investment income and other income, Mashreq said.
General and administrative expenses however rose 6.6% on year to AED486.6 million in the three-month period.
The bank said loans and advances grew 3.2% in the last quarter to reach AED42.7 billion at the end of March, compared with AED41.4 billion at the end of 2012.
Write to Nikhil Lohade at nikhil.lohade@dowjones.com
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(END) Dow Jones Newswires
02-05-13 0336GMT
