The financial statements of the UAE Mashreq Bank showed a decline in the bank's profits in the first half of this year by 84% year on year, to reach 85 million dirhams.
As the data released today, Thursday, showed, the bank's net profits decreased by 50% during the second quarter of this year, reaching 42 million dirhams.
The bank, which is listed on the Dubai Financial Market, said that the decline in profits during the betting periods was mainly due to the increase in provisions for non-performing loans by 53% to 1.5 billion dirhams.
Mashreq Bank had a loss last year of 1.28 billion dirhams, compared to 2019 profits of 2.07 billion dirhams.
