Mashreq bank’s 3Q16 net profit dropped 25% Y-o-Y to AED415mn as provisioning nearly doubled. The bank’s revenue rose 4% Y-o-Y driven by net interest income. Mashreq reined in operating costs as they were down 3% Y-o-Y. Provisioning rose 82% Y-o-Y to AED470mn as the NPL ratio rose to 3.6% from 2.9% in 3Q2015. Loans were up 7% Y-o-Y driven by growth in Islamic finance (+23% Y-o-Y). The bank’s loan-to-deposit ratio stood at 83%. (Company disclosure)
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