Emirates NBD repays $816m to UAE gov't

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Emirates NBD, Dubai's largest lender, repaid in April AED3bn ($816.8m) of support from the UAE government which it had received in the wake of the global financial crisis, it said on Thursday.

The UAE ministry of finance injected AED70bn into the banks to shore up balance sheets after the collapse of Lehman Brothers in September 2008 triggered a crisis in the world's financial system.

ENBD received AED12.6bn in total and said in January it was looking to begin repaying the debt, which was converted into capital-boosting bonds in late 2009, since the value of the instruments had diminished and access to finance from the market had become cheaper.

A number of other UAE banks have also made repayments of the support so far in 2013, including National Bank of Abu Dhabi and First Gulf Bank.

Earlier on Thursday, Emirates NBD said its first-quarter net profit rose 31 percent on the back of lower impairments, beating the average forecast of analysts.

The lender, 55.6 percent owned by state fund Investment Corp of Dubai, made a net profit of AED837m ($227.9m) in the three months to March 31, compared to AED641m in the same period last year.

An average of three analysts polled by Reuters had forecast a net profit of AED676m.

Related:
Companies

Market Performance

Emirates NBD
9.25
-0.15 -1.6 (%)
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
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...

Dodgy data obscure reality of Gulf's economic boom

Dodgy data obscure reality of Gulf's economic boom

Economists say that as Gulf opens wider to foreign investment...

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