Emirates NBD Dubai's largest bank by market value, on Monday said third-quarter net profit more than tripled on the back of lower provisioning for bad loans and higher non-interest income, beating analysts' forecasts.
The lender, 55.6 percent owned by state fund Investment Corporation of Dubai, made a net profit of 640 million dirhams ($174.2 million) in the three months to September 30, compared with 175 million dirhams in the same period last year, a statement from the bank said.
An average of four analysts polled by Reuters had forecast a net profit of 514.4 million dirhams.
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