NBD posts 9% decline in profit
Dubai-based Emirates NBD has announced its full year figures on Thursday reporting 9 per cent decline in its full year net profit despite a large number of challenges due to global financial crisis and impact of Dubai World's crisis. The full year net profit of the bank, which is the largest bank of the Middle East by assets, stood at Dh3.3bn ($898m) in 2009 notwithstanding 100 per cent rise in its bad debt charges.
The non-performing loans ratio of the bank surged 2.36 per cent in line with the earlier projections. It was at 1.88 per cent in the fourth quarter and 0.95 per cent in 2008. The bank, according to its Chief Financial Officer, Sanjay Uttpal, hopes the NPL ratio to remain at around 2.4 to 2.5 per cent in the middle of current year.
NBD's net income rose to 178 million dirhams against 15 million dirhams in the corresponding period last year. It also posted decline in losses on investments to 59 million dirhams.
Ali Khan, the head of cash-equity trading at Dubai-based Arqaam Capital Ltd said, "The numbers are decent and given that the stock is down 41 percent since the third quarter, the shares should stabilize from here. The good dividend yield will help support the share price."
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