Emirates NBD reports flat Q3 profit

The bank made a net profit of $452 million in the three months to Sept. 30
Emirates NBD reports flat Q3 profit
By Reuters
Mon 17 Oct 2016 10:56 AM

Emirates NBD, Dubai's largest lender, posted flat third-quarter net profit, it said on Monday, narrowly missing analysts' forecasts.

The bank made a net profit of 1.66 billion dirhams ($452 million) in the three months to Sept. 30, compared to 1.67 billion dirhams in the corresponding period of 2015, according to financial statements.

Three analysts on average forecast the bank would make a net profit for the quarter of 1.88 billion dirhams.

The bank, 55.6-percent owned by state fund Investment Corp. of Dubai, reported a net profit of 5.38 billion dirhams for the first nine months of 2016, up from 4.99 billion dirhams in the corresponding period of last year.

Figures showed that Dubai government received a further loan of AED8bn ($2.1bn), raising it debt at the state-owned lender to AED128.7bn ($35bn).

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