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Emirates NBD group profit rises in Q3, falls in nine-month period
- United Arab Emirates: Monday, October 22 - 2012 at 14:24
The Dubai market index DFMGI added 0.14% Monday to close at 1,652 amid relatively low trading turnover. Emaar, the UAE's first developer, bounced back 0.30% to reach Dhs3.71. The UAE's largest lender by assets Emirates NBD or ENBD closed flat Dhs2.94. Earlier in the day, ENBD said it posted in the third quarter a group profit of Dhs640m, up from Dhs174.61m in the corresponding period in 2011. The nine-month profit amounted to Dhs1.93bn, down from Dhs2.33bn last year. While the bank managed to reduce total operating expenses, its net interest income decreased during both periods. Year-to-date, ENBD shares gained 2% in value, clearly underperforming the market measure DFMGI which advanced 22%. Dubai is the top performing index in GCC in 2012 so far. Investment bank Shuaa Capital slipped 0.83% to Dhs0.599.
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Gérard Al-Fil, Financial JournalistMonday, October 22 - 2012 at 14:24 UAE local time (GMT+4)
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