UPDATE 1- #Dubai's Emirates NBD third-quarter profit surges 89% - Reuters

UPDATE 1-Dubai's Emirates NBD third-quarter profit surges 89% - Reuters:

Dubai’s largest lender Emirates NBD said on Monday its third-quarter profit almost doubled after the bank reported a gain of 4.4 billion dirhams ($1.2 billion) from the initial public offering of Network International.

Dubai-based Network International is the largest payments processor in the Middle East and Africa, and is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

Emirates NBD’s profit attributable to shareholders rose to 5 billion dirhams in the three months ended Sept. 30, the lender said in an earnings statement, compared with 2.64 billion dirhams in the corresponding period of 2018.