Emirates NBD posted net profits of AED1.9bn ($518m) in the nine-months to end-September 2010, down by 39 per cent since the same period last year. Total income reduced by 10 per cent to AED7.5bn, although total costs improved by 14 per cent since last year.
“In light of the economic conditions and challenges that faced the banking sector, Emirates NBD delivered a robust performance.” says Emirates NBD chairman, Ahmed Humaid al-Tayer.
The decline in earnings is a result of lower income from investment and a fall in the amount earned from interbank lending. Customer loans were down 6 per cent from AED241.6bn to AED201.1bn
Emirates NBD has operations in the UAE, Saudi Arabia, Qatar and the United Kingdom.