Emirates bank profits rise $287m

26 October 2009

Emirates NBD says outlook remains uncertain

Emirates NBD’s profits rose 3 per cent to AED1.05bn ($287m) in the third quarter, compared with AED1.02bn in the same quarter of 2008.

The bank said revenues in the third quarter rose 39 per cent to AED2.77bn. Assets rose 3 per cent to AED291bn, and customer loans grew 4 per cent to AED217bn, and deposits grew 13 per cent to AED183.6bn.

The faster growth in deposits has reduced the bank’s loan-to-deposit ratio from 127 per cent at the end of the second quarter to 118 per cent.

Emirates NBD made provisions of AED2.37bn during the first nine months, compared with AED810m in the same period of 2008.

According to a bank statement, while financial markets have stabilised and sentiment has improved, “uncertainties and challenges remain in the near term”.

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