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Monday, 17 October 2016

UPDATE 1-Dubai's Emirates NBD Q3 net profit narrowly misses estimates | Reuters

UPDATE 1-Dubai's Emirates NBD Q3 net profit narrowly misses estimates | Reuters:

"Dubai's largest lender, Emirates NBD (ENBD), reported a slightly lower-than-expected third-quarter net profit as net interest income slipped and costs rose.

The quarter marked an end to 16 straight quarters of a rise in earnings for the bank, as net profit dropped 1 percent, signaling the fallout from a growth slowdown in Dubai's economy.

The lender's earnings also took a hit from additional provisions set aside for Emirates Islamic, its sharia-compliant arm, to cover bad loans in the small- and medium-sized enterprise sector."



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