ALBAWABA – Dubai’s government-owned bank Emirates NBD profits in the second quarter exceeded estimates as improved deposit mix and loan recoveries raised the Unite Arab Emirates’ (UAE) National Bank of Dubai’s revenues, an official statement said on Thursday.
Emirates NBD profits jumping 78 percent to $1.69 billion, exceeding analyst forecasts, according to Bloomberg.
Last week, First Abu Dhabi Bank, the country’s largest lender, reported a surge in earnings that also beat estimates as it benefited from higher rates and improved margins, the New York-based news agency reported.
Banks in the UAE, such as the National Bank of Dubai and First Abu Dhabi Bank, are seeing asset quality improvement and strong growth as global investors seek to park more of their wealth in the Emirates.
Emirates NBD said its balance sheet surpassed $217.8 billion for the first time, as it added $14.4 billion in deposits during the first half of 2023. Lending also grew 5 percent, and the bank revised its guidance on loan growth upwards to high-single digits.
