Emirates NBD PJSC posted a 15 percent increase in first-quarter profit as lending rose and margins improved at Dubai’s biggest bank.
First-quarter profit rose to AED2.74 billion ($747 million) from AED2.39 billion, the bank said in a statement. The mean estimates of three analysts compiled by the lender was for a profit of AED2.5 billion.
The rise in profit was “underpinned by higher income on the back of loan growth, stable margins, and increased foreign exchange and derivative income,” Group Chief Executive Officer Shayne Nelson said in the statement.
Emirates NBD on Wednesday has also announced that Group CFO Surya Subramanian will leave after almost nine years at lender to pursue family interests. He will remain at the bank to help find a replacement. Emirates NBD may save as much as $700 million in the revised deal to buy Denizbank from the one it signed 10 months ago.
Emirates NBD is the fourth big regional lender to report results. The lender’s shares closed unchanged at AED12 dirhams in Dubai. Stock advanced 35 percent this year compared with a gain
of 10 percent for Dubai’s bench market stock index.