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Sunday, 23 October 2016

Dubai's Mashreq Q3 net profit falls 24.8 pct as bad loans weigh | Reuters

Dubai's Mashreq Q3 net profit falls 24.8 pct as bad loans weigh | Reuters:

"Mashreq continued its earnings slump on Sunday as Dubai's third-biggest lender by assets posted a 24.8 percent fall in third-quarter net profit, weighed by putting aside more cash to cover for bad loans.

The lender made a net profit of 414.95 million dirhams ($112.98 million) in the three months to Sept. 30, it said in a statement, a decrease on the 551.44 million dirhams recorded for the corresponding period of 2015.

Mashreq, which had reported falling profits in the preceding four quarters, suffered in the latest quarter as allowances for impairments jumped by 82 percent over the period to reach 470 million dirhams."



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