Profits of Emirates NBD, Dubai’s largest bank, rose 31 per cent year-on-year in the first quarter of 2013. Net profit increased to AED837m, compared to AED641 million in the first quarter of 2012. On a quarterly basis, profits rose 34 per cent.

The bank’s impairment provisions for bad loans fell to AED888m, a drop of 19 per cent compared with the first quarter of last year, and 6 percent from the last quarter of 2012.

Emirates NBD repaid in April AED3bn of support from the UAE government which it had received in the wake of the global financial crisis, it said on 25 April.

“Pre-provision operating profit, a core strength for the bank, shows signs of growth after a few resilient quarters last year. The retail business and Islamic franchise have been a key driver for this growth. Our balance sheet is well managed and we continue to de-risk the book,” said Surya Subramanian, the bank’s chief financial officer.