Complex Made Simple

Investors disappointed over Emirates NBD quarterly results

The DFM General Index dipped 0.32% to 1,359.77 points. Bank Emirates NBD or ENBD was the share of the day and dived 4.58% to Dhs3.54. Earlier in the day ENBD, the largest Middle Eastern bank in relation to assets, reported that its net profit in the third quarter has declined by 59% to reach Dhs175m. Declining customer deposits and a stagnating loan portfolio are weighing on the result. ENBD's takeover of the smaller Islamic Dubai Bank, which happened two weeks ago, is not included in the Q3 result as the effective date of takeover occurred after the balance sheet date. Emaar Properties was the most liquid shares and gained 0.83%, closing at Dhs2.48. Earlier in the day Emaar announced the launch of the Dawahi Development to develop "value housing" projects across Arab world. Some 52.8m shares were traded, valued at Dhs52.5m.