Tuesday, Oct 25, 2011
Gulf News
Dubai Emirates NBD, the UAE’s largest bank by assets yesterday reported a net profit of Dh175 million for the third quarter of 2011, down 59 per cent from the Dh424 million recorded in the same period last year.
Net profit rose 20 per cent to Dh2.33 billion for the first nine months of the year compared to Dh1.93 billion in the comparable period last year.
The bank attributed the lower profit in the third quarter to its conservative provisioning.
“These financial results reflect a positive and strong operational performance and demonstrate the strength and resilience of Emirates NBD.
“We have taken a more conservative approach to strengthening the bank’s position to meet the challenges reflected in the broader global financial markets,” said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Emirates NBD.
The third-quarter results do not include the financial results for Dubai Bank, which Emirates NBD acquired earlier this month as the effective date of takeover occurred after the balance sheet date.
By Babu Das Augustine?Deputy Business Editor
Gulf News 2011. All rights reserved.
