Mashreq, Dubai's third-biggest lender by assets, on Monday posted a 48 percent rise in fourth-quarter net profit, Reuters calculations showed.

The bank earned 504.6 million dirhams ($137.38 million) in the quarter, compared with 342 million dirhams in the year-ago quarter. Brokerage Arqaam Capital expected it to post a profit of 525 million dirhams for the quarter.

The bank said in a bourse statement its net profit for the full year rose to 1.81 billion dirhams from 1.37 bln dirhams in 2012. Reuters calculated the quarterly results from the bank's previous financial statements.  - Reuters