Emirates NBD sees 62% plunge in Q4 profits

Emirates NBD, Dubai’s largest bank, posted a 62-percent decline in fourth-quarter net profit, it said in a statement on Wednesday, as provisioning once again hurt the bank’s performance.

The lender said it had net profit of $41.38m in the quarter ended December 31, down from $109m in the prior-year period.

Its full-year profit rose 6 percent $675m  from $637mi in the previous year. Impairment charges for the quarter were up 425 percent, to $288m in the final three months of 2010.

Commenting on the Group’s performance, His Highness Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Emirates NBD said: “These financial results reflect a positive and strong operational performance and demonstrate the strength and resilience of Emirates NBD.”

Source: arabianbusiness.com