The lender made net profit of AED286.3 million ($77.9 million) for the three months to end-June, compared with 202.6 million a year earlier, Reuters calculated.

Profit for the first six months of 2011 grew 22 percent to AED551.6 million and operating income was 2.2 billion, the bank said in a statement.

Provisions for loan losses fell 29 percent to AED637 million in the half-year period.  

“We continue to invest in people, technology, and upgrading of our products and services to seize opportunities as various markets witnessed slow but steady recovery,” Abdul Aziz Al Ghurair, CEO of Mashreq, said in the statement. 

Earlier in July, Mashreq appointed a new head of its retail banking division.

Its previous retail banking head, Douglas Beckett, said in April that non-performing loans would improve in 2011.