Mashreq bank , Dubai's second-largest lender by market value, posted a 5 percent rise in quarterly profit on Tuesday, thanks to lower loan loss provisions that offset a drop in income.
The lender made a net profit of 204 million dirhams ($55.5 million)for the three months to September 30, compared with 194.4 million dirhams in the corresponding period in 2010, according to Reuters calculations based on a bank statement to the Dubai Financial Market.
Net profit for the first nine months of the year stood at 756 million dirhams, up from 647.4 million dirhams in 2010, the statement said.
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