Local equities closed higher, with Dubai's main index gaining the most in a month, supported by optimism on bank earnings after Emirates NBD reported on Sunday a 27 per cent increase in profits for the first quarter and Abu Dhabi Commercial Banksaid its profits for the quarter more than doubled.
Emirates NBD, Dubai's biggest lender, led the Dubai Financial Market General Index 1.9 per cent higher to 1666.06. Shares of Emirates NBD, surged 10.9 per cent to Dh4.27 after the lender reported Dh1.41 billion in profits for the first quarter.
Other lenders listed in Dubai also made decent gains. Dubai Islamic Bank gained 2.7 per cent to Dh2.28. Commercial bank of Dubai added 1.6 per cent to Dh3.05
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