DUBAI: 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 402.6 million dirhams or $109.6 million for the three months to June 30, it said in a statement, an increase from the 320.3 million dirhams 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 828 million dirhams.
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 213.6 million dirhams, up 20.9 percent from the 176.7 million dirhams set aside for bad loans in the same period of 2012. (Reuters)
