| Kippreport.com

Mashreq Bank Q1 Net Profit Up 2 Percent

April 25, 2012 10:39 by kippreport

Mashreq bank, Dubai’s second largest lender by market value, posted a 2 percent rise in first-quarter earnings, as a fall in provisions outweighed lower total income. Net profit increased to 271 million dirhams ($73.8 million) in the period, up from 265.3 million dirhams a year earlier, a bank statement said.

Total income fell 14.3 percent to 937 million dirhams, and total assets eased 3.3 percent to 76.6 billion dirhams.

Provisions for loans and advances fell 46 percent from a year earlier to 176 million.

In 2011, Mashreq’s annual profit rose to 820 million dirhams, from 803 million dirhams in 2010, as impairments fell 32 percent to 1.2 billion.

(Reporting by Firouz Sedarat)

Tags: Banking, Dubai, Economy, finances, Mashreq, Q1 net profit