Mashreq 2010 net profit AED 803 million ($218.6 million), down almost a fifth
Despite what the bank called ‘difficult market conditions’, provisions for loan losses declined by 16 per cent to AED 1.76 billion ($479 million). Impairment charge includes a significant provision for collective impairment. Non-performing assets increased from AED 3.6 billion ($980 million) to AED 3.9 billion ($1.06 billion). In line with Central Bank of the UAE instructions, Mashreq has taken 80 per cent provisions for loans made to Saad Group and Al Gosaibi Group in addition to provisions taken against its Dubai World loans in compliance with International Accounting Standards guidelines.