Dubai’s Emirates NBD Q2 profits surge 50%

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Emirates NBD said its second-quarter net profit rose 50 percent, beating analysts' forecasts, as Dubai's largest lender benefited from an economic recovery in the emirate.

ENBD, 55.6-percent owned by state fund Investment Corp of Dubai, made a net profit of AED972m ($264.6m) in the three months to June 30, compared with AED647m in the same period last year, a statement from the bank said on Monday.

An average of five analysts polled by Reuters forecast a net profit of AED783.8m for the second quarter.

Shares in ENBD have risen 69.1 percent year-to-date as investor confidence that Dubai's economy is recovering, helped by a revival in real estate prices, has fed through into the banking sector.

ENBD booked impairments of AED997m in the second quarter of this year, marginally up on the AED954m recorded in the same three months of 2012.

The bank said it had sold a portion of its stake in Union Properties during the first half of the year, without elaborating on how much was sold nor for what price or to who. It had been the developer's largest shareholder.

ENBD has now repaid AED7.8bn of support from the United Arab Emirates government which it had received in the wake of the global financial crisis. It had already repaid AED3bn out of the AED12.6bn of total support it had received in April.

Related:
Companies

Market Performance

Emirates NBD
9.35
0.25 2.75 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams