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UAE's Mashreq Q1 net profit up 2.7 pct
April 12, 2017 / 11:35 AM / 6 months ago

UAE's Mashreq Q1 net profit up 2.7 pct

DUBAI, April 12 (Reuters) - Mashreq, Dubai’s third-biggest lender by assets, on Wednesday reported a 2.7 percent rise in first-quarter net profit as bad loans eased.

Net profit rose to 546 million dirhams ($148.7 million) in the three months to March 31, it said in a statement, up from 532 million.

Mashreq said the rise was primarily due to a 15 percent drop in impairment charges.

$1 = 3.6730 UAE dirham Reporting by Tom Arnold; editing by Jason Neely

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