#Dubai's Emirates NBD posts 18% rise in Q1 profit, higher rates to help | Reuters

Dubai's Emirates NBD posts 18% rise in Q1 profit, higher rates to help | Reuters

Dubai's biggest lender, Emirates NBD (ENBD.DU), posted a rise of 18% in quarterly net profit as impairment allowances fell sharply on economic recovery from the pandemic, while higher interest rates boosted its net interest rate margin.

The bank said it raised its net interest margin guidance by 15 basis points and is well-positioned for an expected rise in interest rates.

Net profit of 2.7 billion dirhams ($735.17 million) in the period ended March 31 was up from 2.3 billion dirhams in the corresponding period a year earlier, the bank said in a statement.

EFG Hermes Research had projected net profit of 2.47 billion dirhams.

Impairments fell by a fifth to 1.4 billion dirhams, reflecting last year's improving operating environment after the pandemic.