DUBAI: Emirates NBD, Dubai’s biggest bank by assets, posted on Thursday a 65% increase in full-year profit, as asset growth, a steady low-cost funding base and higher transaction volumes boosted overall income.

The lender said in a statement that profit in 2023 rose to 21.5 billion dirhams ($5.85 billion) from 13 billion a year earlier, while total assets grew 16% to 863 billion dirhams.

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Emirates NBD said it would propose a dividend of 120 fils per share.