Dubai's Emirates NBD annual profit surges 44%, tops forecast
Reuters
Published Jan 27, 2020 06:02
Dubai's Emirates NBD annual profit surges 44%, tops forecast
DUBAI (Reuters) - Dubai's biggest lender Emirates NBD (DU:ENBD) on Monday posted a 44% surge in 2019 net profit, underpinned by a double-digit growth in net-interest income, stronger loan growth and gains from the listing of its unit Network International (L:NETW).
The bank's full-year net profit came in at 14.5 billion dirham (3.01 billion pounds), compared with 10.04 billion dirhams last year, higher than 13.55 billion dirhams as forecast by analysts in a Refintiv poll.
The company said its profit grew only 1%, excluding gains from the listing of digital payment provider Network International in London last year.
Loans increased 33% to 437 billion dirhams, including contribution from newly acquired Turkish lender DenizBank, Emirates said, adding that its non-interest income surged 38% due to higher foreign exchange and credit card-related income.
The Dubai-based lender's fourth-quarter profit came in at 2.02 billion dirhams, down from 2.39 billion dirhams in the year-ago period, the bank said, and lower than estimates of Reuters' analysts.
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Written By: Reuters
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