Mashreq bank Q3 net doubles
Dubai, October 31, 2010
Dubai-based Mashreq bank made a net profit of 419.2 million dirhams ($114.2 million) in the third quarter, Reuters calculated, more than double the figure in the same period last year.
The bank reported a nine-month net profit of 647.4 million dirhams in a statement on Sunday. Reuters calculated the quarterly figure from previous financial reports.
Mashreq's net profit for the first half of 2010 was 228.2 million dirhams. Third-quarter profit in 2009 was 200.5 million dirhams.
Provisions in the third quarter totalled 317 million dirhams, bringing the total for the year so far to 1.21 billion dirhams, compared to 1.38 billion dirhams in the year-ago period, the statement said. - Reuters