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Dubai-based Mashreq Bank’s net profit for the second quarter of 2024 edged higher to 2 billion ($545 million) from AED 1.92 billion in the same period last year, despite a rise in impairment allowances.
The net profit was a shade higher than analysts’ mean estimate of AED 1.9 billion, according to LSEG data.
Operating profit came in at AED 2.15 billion compared with AED 1.9 billion a year earlier, the lender said in a filing on the Dubai Financial Market (DFM), where its shares trade.
Impairment charges nearly doubled to AED 83 million versus AED 42.6 million in Q2 last year.
Interest income, income from Islamic financing and investment products stood at AED 4 billion, up from AED 3.13 billion a year ago.
For H1 2024, Mashreq Bank posted a net profit of AED 4 billion versus AED3.56 billion in the year-ago period, with earnings per share at AED 19.95.
(Writing by Brinda Darasha; editing by Seban Scaria)