Dubai – Mubasher: Emirates NBD posted a decline of 13% in profits during the fourth quarter of 2016 as compared to the same period a year ago.
Net profits amounted to AED 1.8 billion ($490 million) in Q4-16 when compared to AED 2.1 billion ($571 million) in Q4-15, according to a bourse statement issued on Monday.
On a quarterly level, the bank’s profits increased by 12% as compared to the third quarter when earnings totaled AED 1.66 billion.
During the fiscal year of 2016, Emirates NBD’s net profits grew by 1.6% to AED7.24 billion from AED 7.12 billion in FY15.
Deposits to the bank increased by 13.5% to total AED 254.69 billion in FY16, the statement said, adding that the loans portfolio gained 7.02% to reach AED 242.612 billion in 2016.
