Google+ Followers

Monday, 16 January 2017

UPDATE 1-Higher funding costs erode Emirates NBD's Q4 net profit | Reuters

UPDATE 1-Higher funding costs erode Emirates NBD's Q4 net profit | Reuters:

"Emirates NBD (ENBD) posted a 13 percent fall in fourth-quarter net profit on Monday as Dubai's largest lender was squeezed by higher costs of fixed deposits and wholesale funding, as well as lower fees and commission.

The bank, the first lender from the United Arab Emirates to report its earnings this quarter, made a net profit of 1.86 billion dirhams ($506.4 million) in the three months to Dec. 31, it said, down from 2.13 billion dirhams a year earlier but beating analysts' forecasts for 1.62 billion dirhams.

The profit drop follows a decline in the third quarter, which marked an end to a run of 16 straight quarters of rising earnings as profits are hurt by the impact of Dubai's slower growth."



'via Blog this'