Mashreq Bank shares suspended pending results
Mashreq’s net profit for first quarter of 2017 increased by 2.7% year on year
Dubai:
Dubai Financial Market said it has suspended trading in shares of Mashreq Bank, whose board meeting is scheduled on Sunday.
“ ... Suspend trading on MASQ (Mashreq Bank) shares starting from 11:00 AM as its BOD meeting is being held today, July 16 and until results are disclosed,” the bourse said in a statement posted on its website.
Mashreq’s net profit for the first quarter of 2017 increased by 2.7 per cent year on year to Dh546 million, primarily due to a 15 per cent decrease in impairment allowance.
Total operating income for the first quarter of 2017 stood at Dh1.5 billion, a year-on-year decrease of 4.4 per cent. However, strict control on operating expenses led to a reduction of expenses by 5.7 per cent year-on-year.
