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.

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