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ENBD puts UP stake up for sale

UnionpropDubai’s largest bank Emirates NBD has put its remaining 15 percent stake in Union Properties up for sale, the lender’s chief financial officer said on Thursday.

The bank booked a gain of 191 million dirhams ($52.00 million) from the sale of a 32.6 percent stake in Union Properties during the first nine months of 2013.

Its remaining stake is now held as “available for sale” on its books, CFO Surya Subramanian said in a conference call. Emirates NBD reported a 21 percent increase in third-quarter net profit earlier in the day, although a 50 percent rise in provisions year-on-year meant its profit was below analysts’ forecasts.-Reuters