|10-22-2014, 09:39 PM||#1|
Emirates NBD net profit doubles in the third quarter
Dubai’s largest bank, Emirates NBD, said on Wednesday third quarter net profit doubled, and beat estimates by a wide margin on a decline in provisioning.
Emirates NBD posted net profit of AED1.56 billion ($424.7 million) in the three months through September 30, beating estimates by Reuters that called for a net profit of AED1.16 billion. Net profit in the third quarter of 2013 was AED775 million.
The bank’s numbers have been enhanced in the past year by a revived Dubai economy, which is boosted by a strengthening property market and a decrease in debt issues that trace back to the financial crisis.
Banks in the Gulf are still suffering from bad loans from the financial crisis, which is still eating off provisioning in most banks.
The bank said in a statement on Wednesday that impairments of AED1.22 billion were allocated, compared with AED1.52 billion in the same quarter of 2013.
NBD’s coverage of bad loans increased to 70.3% at the end of September, compared with only 54.8% at the same time last year, as the bank have been allocating much of its provisioning towards boosting the coverage ratio.
The bank’s lending business increased 6% in the third quarter.
The Central Bank of United Arab Emirates said loan growth climbed 7.2% in the year-ended August, which could be attributed to improved risk appetite in the country, driven by a rebound in property prices.
The bank`s shares were up 2.2% in early Wednesday trading on the Dubai Financial Market, with most banks also rising.
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