The bank, reporting its first quarterly results since the merger of Emirates Bank and National Bank of Dubai was completed in October 2007, said loans and advances rose by 5.4 per cent to AED175bn while customer deposits rose by 8 per cent to AED150bn.

However, a rise in costs outpaced profit growth, with costs rising by 48 per cent to AED855m following investment in the integration of the two banks. Earnings per share rose by 35 per cent during the period.

Chief executive officer Rick Pudner says: “The integration of Emirates NBD is progressing well.”