Dubai's Mashreq Q2 profit down on higher provisions

Dubai-based Mashreq's second-quarter net profit more than halved from the previous year as the lender booked higher provisions against bad loans. The lender, Dubai's largest bank by market value, made a net profit of Dh202 million ($55.01 million) in the three months to June 30, based on Reuters calculations, down from Dh434.9 million in the same period last year.

Mashreq said first-half net profit for the year stood at Dh453 million in a statement on Thursday.