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Dubai Mashreq Q4 net falls; fee, interest income down
Q4 earnings fall almost 59 pct - Reuters calculations; Net interest, Islamic income down 15 pct in 2011; Fee, commission income fall 8 pct; Provisions decrease 32 pct in 2011
February 2, 2012 1:35 by Reuters
Mashreq bank, Dubai’s second-largest lender by market value, saw its quarterly net profit fall by nearly 59 percent as interest and fee income decreased in the year.
The lender made a net profit of 64 million dirhams ($17.4 million) in the fourth quarter of 2011, according to Reuters calculations, compared to 155.6 million dirhams a year earlier.
Full-year net profit came in at 820 million dirhams, the bank said in a statement, compared to 803 million dirhams in 2010.
Mashreq made impairments worth 1.2 billion dirhams in 2011, a 32 percent fall from 2010, the statement said.
“Net interest income and income from Islamic products net of distribution to depositors for the year 2011 … was down 15.1 percent, while net fee, commission and other income … was down 8.0 percent,” it said. ($1 = 3.6730 UAE dirhams) (Reporting by Mahmoud Habboush; Editing by Firouz Sedarat) *image from alrroya.com