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DUBAI / Reuters
Emirates NBD, Dubai’s largest lender, posted a 17 percent rise in fourth-quarter net profit on Tuesday, buoyed by loan growth, interest rate rises and higher sales.
The bank, the first major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of AED2.18billion ($593.5 million) in the three months to Dec. 31, a statement from the bank said, compared with 1.86 billion dirhams in the corresponding period of 2016.
SICO Bahrain forecast the bank to post a net profit of AED2.23 billion for the quarter, while EFG Hermes expected a profit of AED1.98 billion.
After opening its first branch in India in 2017, the bank said it would continue to expand its international presence in 2018 by growing its branch network in Egypt and Saudi Arabia and opening a representative office in Turkey.