Dubai’s Mashreq Q2 net profit climbs 11%

Mashreq, Dubai’s third-biggest lender by assets, on Wednesday posted an 11 per cent rise in second-quarter net profit.

The lender made a net profit of Dhs 649m for the three months to June 30, according to Reuters calculations, an increase on the Dhs 584.9m recorded for the corresponding period of 2014.

Mashreq didn’t provide a quarterly breakdown in its first-half results filing, so Reuters calculated figures for the three months using previous financial statements.

For the first half of 2015, the bank reported a net profit of Dhs 1.3bn, up 11.6 per cent from a year earlier.

For the six-month period, Mashreq cited a 12.7 per cent rise in net interest income and a 3.6 per cent climb in fee and commission income for the profit rise.