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Dubai bank Emirates NBD Q1 net profit rises 4 pct
April 19, 2017 / 4:55 AM / 7 months ago

Dubai bank Emirates NBD Q1 net profit rises 4 pct

DUBAI, April 19 (Reuters) - Emirates NBD (ENBD), Dubai’s largest lender, posted a four percent rise in first-quarter net profit on Wednesday.

The bank made a net profit of 1.87 billion dirhams ($509 million) in the three months to March 31, a statement from the bank said, compared to 1.81 billion dirhams in the corresponding period of 2016.

The bank, 55.6-percent owned by state fund Investment Corp. of Dubai and viewed as a barometer for the health of the Dubai economy, said the results were ‘underpinned by a control on expenses and an improved cost of risk.’

$1 = 3.6730 UAE dirham Reporting by Hadeel Al Sayegh

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