Emirates NBD’s third-quarter net profit up 61% as economy continues to recover – The National

Emirates NBD’s third-quarter net profit up 61% as economy continues to recover – The National

Emirates NBD, Dubai's biggest lender by assets, reported a 61 per cent rise in third-quarter profit as net income from Islamic financing and investment products rose and impairment losses dropped amid the broader economic recovery from the Covid-19 pandemic.

Net profit attributable to equity holders of the group for the three months to the end of September climbed to Dh2.5 billion ($682 million), the lender said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.

Net interest income from Islamic financing and investment products jumped 98 per cent to Dh706.4m, while net impairment losses on financial products declined 48 per cent to Dh1.1bn.