Complex Made Simple

Mashreq expects ‘much lower’ provisions, 40% jump in 2013 profit

Dubai-based lender Mashreq has said it expects a 40% increase in its profits for this year, significantly higher than its earlier forecast, Reuters has reported. The revised forecast is mainly due to "much lower" provisions that the lender expects to book this year, Mashreq chief executive, Abdulaziz al-Ghurair, told reporters in Dubai. Last February, al-Ghurair said that he was optimistic about the bank's performance in 2013, and expected profits to grow by 10-15%, with provisions continuing to recede.