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FINANCIAL NEWS
ENBD profit grows 16 percent to USD520m
18 Jul 2016
(MENAFN) Dubai’s largest lender, Emirates NBD (ENBD), reported a 16 percent rise in second-quarter net profit, broadly in line with analysts’ forecasts, reaching USD520 million.
In detail, the growth was backed by a cut in the amount of cash it sets aside to cover bad debt as the bank seen as a gauge of the emirate’s economy.
Consequently, ENBD recorded its 16th consecutive quarter of rising earnings at a time when profitability at other lenders in the UAE is challenged by a weaker economy.
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