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Mon 18 Jan 2016 09:38 AM

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Emirates NBD posts 74 percent rise in Q4 net profit

Dubai's largest bank made a net profit of $579.9 million in the three months to Dec 31

Emirates NBD posts 74 percent rise in Q4 net profit

Emirates NBD (ENBD), Dubai's largest bank, posted a 74 percent rise in fourth-quarter net profit on Monday.

The first lender in the United Arab Emirates to announce its earnings made a net profit of 2.13 billion dirhams ($579.9 million) in the three months to Dec. 31, compared with 1.23 billion dirhams in the same period of 2014, Emirates NBD said in a bourse statement.

Analysts at Beltone Financial and HSBC forecast the bank would make a fourth-quarter net profit of 1.31 billion dirhams and 1.71 billion dirhams respectively.

The bank, 55.6-percent owned by state fund Investment Corp of Dubai, said its annual net profit for 2015 was 7.12 billion dirhams, up 39 percent year-on-year.

ENBD's board of directors has recommended an annual dividend of 0.40 dirham per share for 2015, up from 0.35 dirhams proposed for 2014.

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