Dubai Mashreq bank Q1 net profit up 2%

Mashreq bank, Dubai's second largest lender by market value, posted a 2 per cent rise in first-quarter earnings, as a fall in provisions outweighed lower total income. Net profit increased to Dh271 million ($73.8m) in the period, up from Dh265.3m a year earlier, a bank statement said. Total income fell 14.3 per cent to Dh937m, and total assets eased 3.3 per cent to Dh76.6 billion. Provisions for loans and advances fell 46 per cent from a year earlier to 176m. In 2011, Mashreq's annual profit rose to Dh820m, from Dh803m in 2010, as impairments fell 32 per cent to Dh1.2bn.