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Mashreqbank Q1 income up 4.5%
- United Arab Emirates: Thursday, May 01 - 2008 at 13:57
Mashreqbank, the UAE's second-largest lender by market value, posted its smallest profit growth in a year in the first quarter due to the global credit crunch and rising costs, reported Reuters. Net income in the three months to March 31 climbed 4.5% to Dhs465.3m ($126.7m), compared with Dhs445m in the year-earlier period. Investment income fell 28% to Dhs175m, while costs rose 32% as the bank spent more on staff, infrastructure and technology, it said in a statement.
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Jeff Florian, Senior ReporterThursday, May 01 - 2008 at 13:57 UAE local time (GMT+4)
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