Dubai’s Emirates NBD posts 6% rise in Q2 profit
Originally published in Gulf Business (link below)
The DUbai-based lender made a net profit of Dhs2.02bn in the second quarter
Emirates NBD (ENBD), Dubai’s largest lender, posted a 6 per cent rise in its second-quarter net profit on Wednesday, in line with analysts’ forecasts, as net interest income edged up due to loan growth and higher lending rates.
The bank, the first major lender from the United Arab Emirates to report its earnings this quarter, made a net profit of Dhs2.02bn ($550m) in the three months to June 30, it said in a statement, compared with Dhs1.91bn a year earlier.
Three analysts on average had forecast the bank to post a net profit of Dhs1.88bn.
The bank, 55.6 per cent owned by state fund Investment Corp, is considered a reliable indicator for the strength of the Dubai economy.
The emirate’s economy expanded at a stronger rate during the first half of 2017 compared with a year earlier, buoyed in part by a pick-up in trade and construction activities.