off-the-wire

Dubai's Emirates NBD Q1 profit more than doubles to 6 bln dirhams

Kitco Media
By Reuters
Published:
Updated:
Reuters
DUBAI, April 27 (Reuters) - Dubai's biggest lender Emirates NBD said its first quarter profit more than doubled and total income jumped to a record 10.5 billion dirhams ($2.9 billion) as higher interest rates fed through the bank's margins amid strong growth across the business.


Profit in the three months to March 31 rose to 6 billion dirhams, while total income jumped 48%, the bank said in a statement on Thursday. "The exceptional increase in profit reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries," the statement said.


Deposits rose by 35 billion dirhams, a rise of 7%, to 538 billion dirhams, it said in a stock exchange statement. Net interest income rose 69% to 7.2 billion dirhams. Non funded income rose 54% to 3.3 billion dirhams. Provisions were down 66% to 0.5 billion dirhams. ($1 = 3.6718 UAE dirham) (Reporting by Hadeel Al Sayegh; Editing by Jacqueline Wong)

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