Emirates NBD , Dubai's largest bank by market value, posted a 59 percent slump in third-quarter net profit, widely missing analysts' forecasts, after taking provisions against the ruler of Dubai's investment vehicle.
The lender, which is 55.6 percent owned by the Dubai government, made a net profit of 175 million dirhams ($47.6 million) for the three months to September 30, compared with 424 million in the corresponding period in 2010, a statement to the Dubai bourse said on Monday.
Impairment allowances rose to 1.57 billion dirhams in the quarter, compared with 1.24 billion dirhams this time last year, as the bank took full provisions against loans affected by restructurings at Dubai Holding, the personal investment vehicle of Sheikh Mohammed bin Rashid Al Maktoum.
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