Emirates NBD Q4 net profit up 8%
Emirates NBD (ENBD), Dubai's largest lender, on Monday said its fourth-quarter net profit rose 8 per cent, missing analysts' forecasts as the amount set aside by the lender to meet loan losses soared.
The lender made a net profit of Dh673 million ($183.2 million) in the three months to Dec. 31, a statement from the bank said, compared with Dh626 million in the same period last year.
An average of five analysts polled by Reuters forecast a net profit of Dh705.9 million for the fourth quarter.
The net profit came despite a 40 per cent year-on-year jump in impairment allowances, which rose to Dh1.31 billion in the fourth quarter.
Full-year net profit for 2013 was Dh3.26 billion, up 27 per cent from the Dh2.55 billion recorded in the previous year.
ENBD said it would pay a cash dividend of Dh0.25 per share for 2013. This is the same as the 2012 dividend.
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