Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, reported a 13 percent decline in second-quarter profit as revenue dropped and costs rose.
Net income fell to 647 million dirhams ($176 million) from 744 million dirhams a year earlier, the bank said in a statement to the Dubai stock market today. That topped the 613 million- dirham median estimate of four analysts, according to data compiled by Bloomberg.
Banks in the second-largest Arab economy are recovering from a slowdown in lending triggered by the global financial crisis, which hurt investment banking and led to an increase in bad loans amid a crash in property prices. The bank is one of the biggest lenders to investment company Dubai Group LLC, which is in talks with banks to reschedule $6 billion of loans.
No comments:
Post a Comment