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FINANCIAL NEWS
UAE-Mashreq predicts revenue growth of 5pct this year
11 May 2017
(MENAFN) Mashreq Bank, Dubai’s 3rd biggest lender by assets predicts net profit increase of almost 5 percent this year, driven by the expansion in the corporate sector.
Furthermore, growth in the retail sector would be slower as the impact of the new credit bureau made Mashreq and other banks more cautious about lending.
Accordingly, UAE growth will come from corporates, while for the large corporates there is no stress so they are still performing and the SME issue has stabilized.
Last month, the bank recorded a 2.7 percent increase in its first quarter revenue to 546mn dirhams as impairment charges declined by 15 percent.
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MENAFN1105201700450000ID1095469596
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