Mashreqbank reports 38pc drop in Q2 profit
UAE-based Mashreqbank announced a 38 percent decline in its quarterly net profit...
July 29, 2009 4:00 by Dana El Baltaji
UAE-based Mashreqbank announced a 38 percent decline in its quarterly net profit, blaming the drop on larger provisions against bad loans, reports Reuters.
Mashreqbank said its profit fell to AED435 million ($118.4 million) from AED706.86 million in the same period in 2008.
The bank booked provisions of AED319 million during the second quarter of 2009, bringing 2009′s total to AED551.4 million, compared with AED200.3 during the same period in 2008.
More on GCC
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
Lately on Kipp
-
Kuwait: expats sent packing
-
A maid’s wage
-
ManageEngine Expands NoSQL Support with Redis Monitoring
-
RGH ENTERTAINMENT PRODUCES NEW ANIMATED FEATURE FILM, LIFE AND ADVENTURES OF SANTA CLAUS
-
Dubai Duty Free Honoured at the 4th Sheikh Mohammed bin Rashid Al Maktoum Patrons of the Arts Awards 2013
-
Qatar to announce new energy infrastructure fund
