Monday, Jul 25, 2011
DUBAI (Zawya Dow Jones)--Dubai-based Emirates NBD (EMIRATES.DFM), the Middle East's largest bank by assets, Monday posted an 87% jump in second-quarter net profit, but still managed to miss most analysts expectations as impairment charges stayed at elevated levels and the bank wrote down part of its investment in Union Properties.
Net profit in the three month period amounted to 744.5 million U.A.E. dirhams ($202 million), compared with AED398.2 million a year ago, according to the bank's income statement posted on the Dubai Financial Market website.
The quarterly result came in well below what most analysts were expecting. Cairo-based EFG Hermes had pencilled in a AED1.12 billion effort, while Kuwait-based Global Investment House had forecast a profit of AED860 million. Beltone Financial analysts had predicted a AED900 million result.
Emirates NBD shares closed down 2.4% at AED4.10 Sunday.
-By Mirna Sleiman, Dow Jones Newswires; +9714 446-1698; mirna.sleiman@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
25-07-11 0502GMT
