Mashreq bank’s net profit drops as provisioning normalises
Mashreq bank reported a 18% drop in net profit to AED532 million (EPS: AED3.0) in 1Q16. The bank’s provisioning rose 87% Y-o-Y, as provisioning in 1Q15 was impacted by strong recoveries. Mashreq’s loan book grew 8% Y-o-Y while its deposits grew 6% Y-o-Y. The bank expects its wholesale operations to grow 25 to 30% above the market in 2016 as it pushes into new sectors including real estate, non-bank financial institutions, education, healthcare and multinational companies. (Reuters)
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