The three largest lenders in the United Arab Emirates on Tuesday posted estimate-beating second-quarter profit as increased net interest and Islamic financing income boosted revenues and provisioning fell.
Analysts said the results pointed to steady future growth in a sector which in recent years has been hampered by high provisioning, in particular on exposure to Dubai state-linked entities.
Emirates NBD, Dubai's largest bank, posted a fourth straight drop in quarterly profits on Monday due to further provisioning against Dubai Holding.
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