Emirates NBD posts net profit of AED 7.7 bln in 9M 2018

Dubai's biggest lender Emirates NBD reported net profit of AED 7.7 billion for the nine months of 2018, up 24 percent year-on-year (YoY), a statement said on Tuesday.

Net interest income increased 19 percent YoY due to loan growth coupled with an improvement in margins. The operating performance was also supported by a 35 percent YoY improvement in provisions, the statement added.

“The bank’s balance sheet remains solid with a further strengthening in capital due to retained earnings, healthy liquidity and an improvement in the non-performing loan ratio,” it said.

The bank’s total income for the first nine months of 2018 amounted to AED 12.90 billion; up 13 percent compared with AED 11.41 billion during the same period a year ago.

Loans and Deposits increased by 7 percent and 4 percent respectively since the beginning of the year.