Profits fall at Dubai's Emirates NBD after upping bad loan provisions - The National

Emirates NBD’s earnings plunged in the fourth quarter as it booked more charges for bad debts and wrote down the value of its stake in Union Properties.

The bank also revealed that it had paid a nominal sum, totalling Dh10, for its acquisition of Dubai Bank, the failed Islamic lender, following guarantees from the Dubai Goverment and a capital injection from the Ministry of Finance.

The UAE’s biggest bank by assets reported a 62 per cent fall in net profits for the fourth quarter to Dh152m missing analysts’ estimates.

* username: rupertbu