Emirates NBD, the UAE’s biggest lender, yesterday warned that non-performing loans would continue to rise through the year, as analysts predicted the credit profile of Gulf banks would worsen.
The bank’s first-quarter net profit rose 5 per cent to Dh1.3 billion (US$354 million), beating analysts’ estimates, as it cut costs. But the bank is taking a “cautious stance” on the rest of the year.
“Uncertainties remain,” said Rick Pudner, the chief executive of Emirates NBD. “We will take measures to offset possible adverse effects of the current economic environment.”
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