Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank, said net income fell 55 percent in the first-quarter as a gain from the sale of a stake in a subsidiary last year wasn’t repeated. The profit beat analysts’ estimates.
Net income dropped to 641 million dirhams ($175 million), or 10 fils a share, from 1.41 billion dirhams, or 24 fils a share, in the year-earlier period, the bank 56 percent owned by the Dubai government said in a statement to Nasdaq Dubai today. That topped the 570 million-dirham median estimate of three analysts, data compiled by Bloomberg show. Emirates NBD made 1.84 billion dirhams last year from selling 49 percent of its credit-card processing unit Network International LLC.
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