Emirates NBD, Dubai's largest bank by market value, reported a forecast-beating first-quarter net profit as a near 50-percent rise in non-interest income and lower impairments boosted profitability.
The lender, 55.6-percent owned by the Investment Corporation of Dubai, has seen profits hit in recent quarters in the wake of continuing debt workouts by state-linked entities in the emirate.
On Wednesday, it posted a first-quarter net profit of 641 million dirhams ($174.51 million), down from 1.4 billion dirhams in the prior-year period, which was due to a one-off gain on the stake sale of payment solutions provider Network International.
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