Dubai Lender Mashreq Raises 2013 Profit Forecast on Lower Provisions

Dubai lender Mashreq expects to post a 40 percent increase in 2013 profits, significantly higher than its earlier forecast, mainly thanks to lower provisions, the bank’s chief executive said on Wednesday.

Mashreq Chief Executive Abdulaziz al-Ghurair had said in February that he was optimistic about the bank’s performance this year and expected profits to grow by 10-15 percent, with provisions continuing to recede.

The revised forecast is mainly due to “much lower” provisions that the lender expects to book this year, al-Ghurair told reporters in Dubai.

Source: Reuters