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

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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

Market Performance

Mashreq
120.0
0.0 0.0 (%)
Join the Discussion

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

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
How Gulf banks are helping to underwrite region's aviation boom

How Gulf banks are helping to underwrite region's aviation boom

Figures from Airbus show that 47% of MidEast aircraft deals in...

2
Most Popular
Most Discussed