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Mashreqbank reports 38pc drop in Q2 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.

Tags: 2009, Mashreqbank, profit, UAE