Dubai – Mubasher: Emirates NBD on Wednesday reported a 27% year-on-year surge in net profits for the first quarter of 2018.

Net profit amounted to AED 2.39 billion during the three-month period ended last March, compared to AED 1.87 billion in the prior-year period, Dubai’s largest lender said in a statement.

Total operating income increased by 3.8% to AED 4.103 billion in Q1-18, versus AED 3.617 billion in Q1-17, the bank added.

Net interest income grew to AED 2.524 billion in Q1-18, up from AED 2.041 billion in the same quarter a year earlier.

Net impairment loss on financial assets shrank to AED 440.1 million in the January-March period of 2018, from AED 639.1 million in the corresponding period last year.

Emirates NBD had previously posted a 15% year-on-year rise in net profit for the full-year 2017, recording AED 8.345 billion.