Dubai's Mashreq posts 25% rise in Q2 net profit

Dubai's third-largest lender also says net profit for first six months is up by 40%

Mashreq, Dubai's third-biggest lender by assets, on Thursday posted a 25.7 percent rise in second-quarter net profit.

The bank made a net profit of AED402.6m ($109.6m) for the three months to June 30, it said in a statement, an increase from the AED320.3m recorded for the corresponding period in 2012.

Profit for the first six months of 2013 rose 40.1 percent over the same period last year to AED828m. The increase was to be expected after a 57 percent hike in first-quarter net profit year-on-year.

Impairment allowances for the second-quarter was AED213.6m, up 20.9 percent from the AED176.7m set aside for bad loans in the same period of 2012.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
A humbler Qatar still wants to punch above its weight

A humbler Qatar still wants to punch above its weight

Qatar has acquired more than $335bn worth of assets around the...

Saudi Arabia spends money to make money

Saudi Arabia spends money to make money

Tour of Asia by Saudi Arabia's King Salman advances drive to...

Soft money: will cash transactions soon be a thing of the past?

Soft money: will cash transactions soon be a thing of the past?

The rapid digitisation of banking in the UAE is enabling robots...

Most Discussed
sponsoredTracking