Dubai’s Emirates NBD Q3 net profit jumps 38%

Emirates NBD, Dubai’s biggest lender by assets, reported on Thursday a net profit of $1.4 billion in its third-quarter of 2023, partly due to loan growth and steady low-cost funding that allowed the bank to benefit from higher interest rates.

The bank added 503 billion UAE dirhams in deposits in the nine-month period, while net interest margin (NIM) was four percent on improved loan and deposit mix and higher interest rates.

Its non-performing loans ratio dipped to 5.5 percent from 5.8 percent a year earlier., while impairment allowances dropped 54 percent, according to a filing sent to the Dubai Financial Market.