Emirates NBD Q2 profit plunges 42 pct

Emirates NBD, the region's biggest listed bank by assets on Monday posted a second-quarter net profit of 842 million dirhams ($229.4 million), down 42 percent from 1.45 billion dirhams a year ago.

The second quarter effort fell well short of most analysts expectations. EFG-Hermes expected the lender to post earnings of 1.058 billion dirhams.

Emirates NBD's first-half net profit stood at 2.1 billion dirhams, down 20 percent from 2.65 billion dirhams in the same period a year ago, the lender said in a statement on the Dubai bourse website.

Emirates NBD shares closed trading Sunday 4.5 percent higher at 3.24 dirhams.END