FINANCIAL NEWS

UAE’s NBD net profit soars 27 percent in Jan-Sept

27 Oct 2015

(MENAFN) Emirates national bank of Dubai logged a gross profit of USD1.3 billion in the first nine months, which reflects a 27 percent growth from 2014’s same period, based on recent reports.

In particular, the robust operating performance was largely supported by an increase in gross interest income, a modest increase in costs not to mention a lower impairment charge.

Overall revenue for the cited period jumped by 2 percent to USD3 billion, plus net interest income hiked 8 percent to USD2 billion on the back of progress in retail assets and a lower cost of funds.

“Our prudent balance sheet and strong ability to attract and retain both retail and corporate deposits has helped offer protection against increased challenges that the region has experienced,” said the group’s CEO.

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