Chief executive officer Rick Pudner said the writedown was a reflection of “a reduction in asset prices globally and do not represent an underlying credit issue. The underlying quality of the securities portfolio remains strong.”

Deposit growth, at 20 per cent, nearly matched loan growth of 21 per cent, although loans of AED166.4bn are larger than the total deposits of AED1.38.6bn.

The bank also said that the integration of Emirates Bank and National Bank of Dubai remained on track and set to be completed by the second quarter of 2009.

Total assets rose to AED285.3bn, up 13 per cent from the same period in 2007.