Emirates NBD shares turned red at the start of trading on Thursday after it reported quarterly profits below the average expectations of consulting firms and analysts.
During today's trading, the bank's share fell by 0.24% to reach 20.25 dirhams, with liquidity reaching 1.5 million dirhams.
The performance came after the largest bank in terms of assets in Dubai, Emirates NBD, disclosed this morning that its profits rose to 18.99 billion dirhams by the end of the first nine months of 2024, by 9% compared to the profits of the same period in 2023.
The increase in profits during the current period is due to achieving a net reversal of impairment of AED 1.34 billion compared to recording provisions of AED 1.50 billion at the end of the first nine months of 2023, in addition to a 24% decline in inflation adjustment losses on the net cash position to reach AED 2.41 billion compared to AED 3.16 billion during the same period last year.
It is also due to the increase in total operating income to AED 32.88 billion, compared to AED 32.72 billion at the end of the same period in 2023.
At the level of the third quarter of this year, the bank’s net profits increased slightly to reach 5,230 million dirhams, from 5,221.0 million dirhams at the end of the third quarter of last year 20223.
Research companies' expectations for the banking sector in the Dubai market indicated that Emirates NBD's net profits would increase by 16% during the third quarter of 2024 to reach 6,041.5 million dirhams, compared to the profits of the same quarter of last year 2023.
