Dubai's biggest lender, Emirates NBD , posted a rise of 18% in quarterly net profit as impairment allowances fell sharply on economic recovery from the pandemic, while higher interest rates boosted its net interest rate margin.
Emirates NBD bank is seen in Mall of Emirates in Dubai, United Arab Emirates, December 30, 2018. REUTERS/ Hamad I Mohammed, posted a rise of 18% in quarterly net profit as impairment allowances fell sharply on economic recovery from the pandemic, while higher interest rates boosted its net interest rate margin.
Net profit of 2.7 billion dirhams in the period ended March 31 was up from 2.3 billion dirhams in the corresponding period a year earlier, the bank said in a statement.EFG Hermes Research had projected net profit of 2.47 billion dirhams. Net interest income, the core figure for the banking sector, rose 4% from a year earlier, helped by a higher net interest rate margin. It is also benefiting from low cost of funds, while loans grew 1%, fuelled by strong retail lending.
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