Emirates NBD announces 27% profits increase

26/04/2011 - Dubai Investment News Posted by Neil King
Emirates NBD announces 27% profits increase

Emirates NBD, the largest lender in Dubai, has announced a significant profit increase for the first quarter of 2011.The firm has revealed that profits for the first three months of the year increased by 27 per cent to Dh1.4 billion, Emirates 24-7 reported.This marks a rise on the Dh1.1 billion the firm recorded for the same period in 2010.Furthermore, the rise comes despite a decline in total net income, which the firm attributed to the sale of its 49 per cent stake in Network International.Rick Pudner, chief executive officer of Emirates NBD, told the news provider: "The quarter witnessed the formalisation of the Network International transaction and the resultant gain demonstrates the value we are able to create and realise for our shareholders."From an operational perspective, the quarter has importantly seen a return to top-line growth across both net interest and core fee income categories."