Emirates NBD posts nine-month net profit increase of 33% to Dh3.667b

Dubai: Emirates NBD announces on Wednesday a 33 per cent year-on-year increase of nine-month net profits to Dh3.667 billion for the period ending September 30, 2008, and an increase of 38 per cent in total income to reach Dh6.664 billion. Earnings per share were up 33 per cent year-on-year to Dh0.73.

Results for the three months to September 30, 2008 saw net profits going up 13 per cent to Dh1.019 billion compared to the third quarter of 2007; total income increasing 18 per cent to reach Dh1.985 billion; and earnings per share rising 13 per cent year-on-year to Dh0.20. Total assets also increased 12 per cent to Dh285.3 billion from Dh253.8 billion as at end of 2007.

Customer loans stood at Dh202.2 billion, up 21 per cent from Dh166.4 billion as at end of 2007, while customer deposits totaled Dh165.9 billion, up 20 per cent from Dh138.6 billion as at end of 2007. Integration has also been fully on track for completion in the second quarter of 2009.

Ahmed Humaid Al Tayer, Chairman of Emirates NBD said: "The bank's third quarter results confirm a continuing growth momentum across the core businesses. This underlines the strength and depth of the bank and highlights our ability to perform despite the challenging conditions in which the sector currently finds itself. As the nation's banking champion we are proud to be leading a strong banking sector through globally turbulent times."