UAE's Emirates NBD Q4 profit hits $170m

Dubai-based bank said net income more than tripled on lower impairments
UAE's Emirates NBD Q4 profit hits $170m
By Massoud A. Derhally
Thu 31 Jan 2013 03:08 PM

Emirates NBD said fourth quarter profits more than tripled as the lender realised an increase in non interest income and lower impairments.

The Dubai-based bank, majority owned by the Dubai government, said net income in the fourth quarter increased to AED625m (US$170m) from AED152m in the same period a year earlier, according to a regulatory filing to the Dubai Financial Market.

The bank's full-year profit climbed 3 percent to AED2.6bn from AED2.5bn in 2011, while total assets increased 8 percent to AED308bn and loans to customers rose 7 percent.

"Despite the challenges reflected in the broader global economic environment, the UAE and Dubai in particular have shown resilience and solid growth during the year and Emirates NBD is well-placed to continue to capitalise on this improving economic backdrop,'' Chairman Sheikh Ahmed bin Saeed Al Maktoum said in the statement.

"In light of the bank’s successful performance in 2012, an improving outlook, and in line with our commitment to shareholders," the bank has declared a cash dividend of 25 percent per share for the 2012 financial year, he said.

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