Emirates NBD Q3 net profit doubles

Emirates NBD… aided by a fall in provisioning

Emirates NBD Q3 net profit doubles

DUBAI, 3 days ago

Emirates NBD, Dubai’s largest lender, made a net profit of Dh1.56 billion ($424.7 million) in the third quarter (Q3) of the year aided by a fall in provisioning, compared to Dh775 million ($211 million) in the same period last year.

The earnings of the lender, 55.6-per cent owned by state fund Investment Corp of Dubai, have been given a lift in recent quarters by a resurgence in the Dubai economy, which has been boosted by a strengthening property market and a scaling down of debt troubles after a severe financial crisis.

In the third quarter, impairment allowances worth Dh1.22 billion ($332 million) were allocated, down from the Dh1.52 billion ($413 million) recorded in the same period of 2013. – Reuters

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