Emirates NBD PJSC (EMIRATES) jumped the most in almost 21 months after the Islamic unit of the biggest United Arab Emirates lender forecast a doubling of 2013 profit and amid bets the bank will boost its full-year dividend.
The shares rallied 6.4 percent, the biggest advance since April 2011, to 3.31 dirhams at the close in Dubai. About 1.3 million shares were traded today, triple the three-month daily average, according to data compiled by Bloomberg. The stock was the biggest gainer on the benchmark DFM General Index (DFMGI), which added 0.4 percent.
Emirates Islamic Bank PJSC, wholly owned by Emirates NBD, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Chief Executive Officer Jamal Bin Ghalaita said in a Jan. 14 interview. The bank said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Emirates NBD Soars Most Since 2011 on Unit Outlook: Dubai Mover - Bloomberg
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