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

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
63.0
2.9 4.83 (%)
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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Statistics fog raises risk as cheap oil hits Gulf

Statistics fog raises risk as cheap oil hits Gulf

Sharp revision of economic data in Saudi Arabia suggests its...

Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

How Gulf SWFs have thrown funding lifeline to tech ventures

How Gulf SWFs have thrown funding lifeline to tech ventures

Saudi Arabia and other Gulf states have ploughed money into hot...

Most Discussed
sponsoredTracking