ENBD Q4 net profit up 8pc to $183m
Dubai, January 27, 2014
Emirates NBD (ENBD), Dubai's largest lender, on Monday said its fourth-quarter net profit rose 8 per cent, missing analysts' forecasts as the amount set aside by the lender to meet loan losses soared.
The lender, 55.6-percent owned by state fund Investment Corp of Dubai, made a net profit of 673 million dirhams ($183.2 million) in the three months to December 31, a statement from the bank said, compared with 626 million dirhams in the same period last year.
An average of five analysts polled by Reuters forecast a net profit of 705.9 million dirhams for the fourth quarter.
The net profit came despite a 40 percent year-on-year jump in impairment allowances, which rose to 1.31 billion dirhams in the fourth quarter.
Full-year net profit for 2013 was 3.26 billion dirhams, up 27 percent from the 2.55 billion dirhams recorded in the previous year.
ENBD said it would pay a cash dividend of 0.25 dirhams per share for 2013. This is the same as the 2012 dividend. - Reuters
More Finance & Capital Market Stories
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs