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Wed 22 Oct 2008 02:42 PM

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Emirates NBD posts Q3 profit rise of 13%

UPDATE 1: Company announces net profit of $277.4mn, slower growth likely in Q4 due to global crisis.

Emirates NBD posted a net profit of 1.019 billion dirhams ($277.4 million) in the third quarter, up 13 percent from the year-earlier period.

The bank's earnings per share rose 13 percent to 0.20 dirhams from the year earlier, it said in a statement.

An analyst at Global Investment House forecast the lender would make a net profit of 753.30 million dirhams in the third quarter.

Emirates NBD said on Wednesday liquidity in the UAE banking sector was likely to remain tight in the fourth quarter, saying the economic conditions necessitated a "slower growth outlook".

"The current environment necessitates a slower growth outlook," Emirates NBD said in a presentation on its third-quarter results.

The bank added that lower asset growth and higher funding costs would likely "measure" the pace of real estate supply. (Reuters)

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