#Dubai's Emirates NBD annual profit surges 44%, tops forecast - Reuters

Dubai's Emirates NBD annual profit surges 44%, tops forecast - Reuters:

Dubai’s biggest lender Emirates NBD on Monday posted a 44% surge in 2019 net profit, underpinned by a double-digit growth in net-interest income, stronger loan growth and gains from the listing of its unit Network International.

The bank’s full-year net profit came in at 14.5 billion dirham ($3.95 billion), compared with 10.04 billion dirhams last year, higher than 13.55 billion dirhams as forecast by analysts in a Refintiv poll. 

The company said its profit grew only 1%, excluding gains from the listing of digital payment provider Network International in London last year.

Loans increased 33% to 437 billion dirhams, including contribution from newly acquired Turkish lender DenizBank, Emirates said, adding that its non-interest income surged 38% due to higher foreign exchange and credit card-related income.