Emirates NBD, the largest bank in the emirate by assets, said that its profits in the second quarter of the year rose 78 percent to an unprecedented level of 6.2 billion dirhams ($1.69 billion), supported by higher profit margins, an improvement in both deposits and loans, and a recovery. big.
The bank, which is majority owned by the Dubai government, said its balance sheet exceeded 800 billion dirhams for the first time.
Dubai is one of the world's fastest growing cities, with a population of 3.6 million, according to the Emirate's Statistics Center.
Its real estate market is booming after a rapid economic recovery following the pandemic and the easing of residency rules.
The bank announced unprecedented profits in the first half of the year amounting to 12.3 billion dirhams, an increase of 130 percent over the previous year.
Total loans reached 479 billion dirhams at the end of June, up 5 percent since the beginning of the year. Deposits have increased 11 percent since the start of the year, reaching 556 billion dirhams on June 30.
($1 = 3.6724 UAE dirhams)
