Dubai's Largest Bank Emirates NBD Posts Flat Third-Quarter Profit of 6.4 Billion Dirhams
DUBAI — Emirates NBD, Dubai's largest bank by assets, posted a flat third-quarter profit on October 21. Quarterly profit was 6.4 billion dirhams ($1.74 billion), the bank said in a statement reported by Reuters. Net profit for the first nine months grew 2 percent year on year to 19.3 billion dirhams, as net interest income boosted income.
Income for the nine months was up 15 percent at 42.2 billion dirhams, while expenses rose 19 percent to 13.3 billion dirhams. Gross loans grew 27 percent to 833 billion dirhams by the end of the nine months, or 18 percent excluding RBL, the Indian bank whose acquisition ENBD completed this year. Deposits grew 19 percent year to date to 935 billion dirhams, up 12 percent excluding RBL, and total assets rose to 1.38 trillion dirhams. The bank is majority-owned by the Dubai government.
ENBD said the Middle East conflict brought turmoil to the region this year, affecting energy flows, logistics and tourism. Business in Dubai, the Gulf's business and tourism hub, has largely resumed, though recovery in sectors such as hospitality could take longer. "Activity in sectors like tourism, trade and logistics remains moderate," the bank said, noting the UAE economy continues to expand despite ongoing regional tensions.
The International Monetary Fund has forecast a difficult 2026 for the Gulf region and expects the UAE economy to contract 3.9 percent before rebounding in 2027.
Source: GSM · USA (original Chinese edition)
Photo: Dubai 谢赫扎耶德大道夜景。图片：© Tribalninja / CC BY 3.0，Wikimedia Commons
