Mashreq, Dubai's third-biggest bank by assets, posted a 13.7 percent fall in fourth-quarter net profit on Wednesday.

The lender made a net profit of Dh556.2 million ($151.45 million) in the three months to Dec. 31, it said in a statement.

This was down from a profit of Dh644.3 million recorded for the corresponding period of 2014.

The bank's 2015 annual net profit was Dh2.4 billion, the same as in 2014.

Mashreq's impairments reached 1 billion dirhams at the end of last year, the statement said, down from Dh1.08 billion set aside for bad loans at the same point of 2014.

Loans and advances at December-end were Dh60.2 billion, up 3.7 percent on the same point of 2014, while deposits over the same period grew 7.5 percent to Dh73.6 billion. – Reuters