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Emirates NBD sees AED 2.27bn profits in Q3

Emirates NBD sees AED 2.27bn profits in Q3
The bank’s profits stood at AED 2.27 billion ($618 million) in Q3-17, compared to AED 1.66 billion ($452 million) in Q3-16, according to a bourse statement
Emirates NBD
EMIRATESNBD
-0.29% 17.25 -0.05

Dubai – Mubasher: Emirates NBD on Monday said that its profits surged 37% in the third quarter of 2017, compared to the year-ago period.

The bank’s profits amounted to AED 2.27 billion ($618 million) in Q3-17, compared to AED 1.66 billion ($452 million) in Q3-16, according to a statement to the Dubai Financial Market (DFM).

The UAE-based bank attributed the increase in its year-on-year net profits to the rise in revenues of charges, and decrease in provisions.

Provisions retreated 41% to reach AED 431.32 million in Q3-17, compared to AED 728.63 million in the same period in the year earlier.

Year-on-year, the net income from charges and currencies of the bank went up 15.6% to AED 715.92 million in Q3-17, from AED 619.14 million.

General and administrative expense rose 4.3% to reach AED 1.269 billion in Q3-17, compared to AED 1.217 billion in the same period in the year earlier.

At the level of the first nine months of 2017, the bank’s profits grew 14.6% to AED 6.169 billion, from AED 5.382 billion in the corresponding period in the year earlier.