Sunday 22, July 2012 by Robin Amlôt
Mashreq reports 7.2 per cent increase in H1 net profit
Dubai-based Mashreq reported a 7.2 per cent increase in its net profit for H1 2012 to AED 591 million compared to AED 551 million for the same period in 2011, on an operating income of AED 1.9 billion. The bank’s ongoing strategic repositioning of its balance sheet led to a decline in provisions for bad loans by 45 per cent to AED 352 million from AED 637 million reported during H1 2011. The efficiency ratio stood at 47.8 per cent.
