DUBAI: Emirates NBD, Dubai’s biggest bank by assets, reported on Thursday flat third-quarter net profit, as an increase in net interest income was offset by higher impairment charges and investments to drive future growth.
Net profit for the July-to-September period was 5.2 billion dirhams ($1.42 billion), unchanged from the corresponding 2023 period, missing a mean analyst estimate of 6 billion dirhams, LSEG data showed.
The bank, majority-owned by the government of Dubai, reported a rise of 8% in net interest income to 8.5 billion dirhams, while non-funded income fell 15% to 3 billion dirhams.
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Total assets in the third quarter rose 14% on the year to 931 billion dirhams, while gross loans were up 6% at 508 billion and deposits were 13% higher, at 624 billion.
On a nine-month basis, the bank’s ratio of non-performing loans improved to 3.9% from last year’s 4.6%, boosted by “strong recoveries, writebacks, write-offs and repayments”, it added.
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