mashreq q3 profit jumps 86 percent
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Mashreq Q3 profit jumps 86 percent

Arab Today, arab today

Arab Today, arab today Mashreq Q3 profit jumps 86 percent

Abu Dhabi - Arabstoday

Mashreq, Dubai’s second-biggest bank by stock market value, yesterday posted an 86% year-on-year jump in net profit for the third quarter of this year, citing a decline in bad loan provisions. Net profit climbed to 379mn dirhams ($103mn) in the quarter from 204mn dirhams a year earlier, according to Reuters calculations based on the bank’s nine-month earnings statement. For the first nine months of the year, profit rose 28% to 970mn dirhams, Mashreq said. “The last two quarters in particular have shown very promising trends which have culminated in healthy bottom line growth,” Abdul Aziz al-Ghurair, Mashreq’s chief executive, said in the statement. “We are witnessing increasing stability in the UAE and look forward to continuing this positive growth in the coming quarters.” A forecast by analysts at Arqaam Capital had put third-quarter net profit at 242mn dirhams. Mashreq’s provisions for bad loans fell 37% from a year earlier to 533mn dirhams in the first nine months. Lending throughout the UAE banking sector was flat at the end of August compared to the end of the second quarter, according to central bank figures. It has grown 1.8% since the beginning of the year. Dubai’s largest bank, Emirates NBD, said on Monday it expected loan growth to remain relatively modest as global uncertainty hits demand. It posted forecast-beating quarterly results due to lower bad loan provisioning. Fitch Ratings affirmed Mashreq’s ‘A’ rating on September 26, adding the restructuring of some of its larger problem loans and a change in strategy would help boost core earnings. Mashreq’s loans and advances grew to 40.5bn dirhams in September 2012 from 37.7bn dirhams at the end of 2011. Customer deposits shrank 4.1% to 43.5bn dirhams as the bank shed high-cost deposits.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mashreq q3 profit jumps 86 percent mashreq q3 profit jumps 86 percent

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mashreq q3 profit jumps 86 percent mashreq q3 profit jumps 86 percent

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday