gulfnews : Mashreq reports 22% increase in net profits

Mashreq, one of UAE's largest private sector lenders, Tuesday reported a 22 per cent increase in its net profit for the first half of 2011 to Dh551.6 million compared to Dh453 million for the same period in 2010, on an operating income of Dh2.2 billion.

The bank reported a decline in provisions for loan losses by 29 per cent to Dh637 million. The efficiency ratio remained healthy at 42 per cent.

Mashreq's total assets slightly increased to Dh85 billion at the end of the first half compared to Dh84.8 billion as at December 31, 2010.

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