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Mashreq Bank post 7.2% profit rise

UAE-based Mashreq Bank has reported a 7.2% increase in net profit for the first six months of 2012 to Dhs591m, compared with Dhs551m for the same period a year ago, on the back of a surge in revenue and net interest income as well as a significant fall in provisions, Khaleej Times has reported. Total assets fell 3.5% to Dhs76.4bn from Dhs79.2bn at the end of 2011. Loans and advances grew 5.1% to Dhs39.6bn, compared with Dhs37.7bn at the end of 2011. Total customer deposits including Islamic deposits at the end of June 2012 stood at Dhs43.7bn, the bank said.