Emirates NBD posts 74 per cent rise in fourth quarter net profit

Reuters

Emirates NBD (ENBD), Dubai’s largest bank, posted a 74 per cent rise in fourth-quarter net profit on Monday.

The first lender in the UAE to announce its quarterly earnings made a net profit of Dh2.13 billion in the three months to December 31, compared with Dh1.23bn in the same period of 2014, Emirates NBD said in a bourse statement.


Analysts at Beltone Financial and HSBC forecast the bank would make a fourth-quarter net profit of Dh1.31bn and Dh1.71bn respectively.

The bank, 55.6-per cent owned by state fund Investment Corporation of Dubai, said its annual net profit for 2015 was Dh7.12bn, up 39 per cent year-on-year.

ENBD’s board of directors has recommended an annual dividend of 0.40 dirhams per share for 2015, up from 0.35 dirhams proposed for 2014.

More to follow.

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