Mashreq reports fifth successive quarterly profit drop as bad loans weigh

UAE's biggest private lender hit as impairments jump by 82% over the third quarter

Mashreq continued its earnings slump on Sunday as Dubai's third-biggest lender by assets posted a 24.8 percent fall in third-quarter net profit, weighed by putting aside more cash to cover for bad loans.
The lender made a net profit of 414.95 million dirhams ($112.98 million) in the three months to Sept. 30, it said in a statement, a decrease on the 551.44 million dirhams recorded for the corresponding period of 2015...Read more...