Emirates NBD bank net up 13 percent

Dubai, Oct 22 (IANS) Emirates NBD, one of the largest banking groups in the Middle East, has posted net profits of 1.02 billion dirhams ($277.4 million) in the third quarter of 2008.

The figure marked 13 percent rise from the corresponding period last year, according to an Emirates NBD statement released Wednesday.

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During the period ending Sep 30, the company's total income rose 1,985 million dirhams ($540.4 million), a rise of 18 percent from the third quarter of 2007.

'While current conditions in the global financial markets will prove to be challenging, we remain strongly positioned to take advantage of opportunities this may present to us,' Emirates NBD chief executive Rick Pudner said in the statement.

Emirates NBD chairman Ahmed Humaid Al Tayer said the bank's third quarter results confirmed a continuing growth momentum across the core businesses.

'As the nation's banking champion we are proud to be leading a strong banking sector through globally turbulent times,' he said.

Year-on-year, net profits grew 33 percent to reach 3.667 billion dirhams ($998.3 million) while total income increased 38 percent to reach 6.664 billion dirhams ($1.8 billion).

Emirates NBD shares ended 4.91 percent down Wednesday from the previous day's close at the Dubai Financial Market even as all Gulf bourses closed in the red amid renewed fears over the global financial crisis.

The UAE government is injecting 120 billion dirhams ($32.7 billion) into the country's banking sector to increase liquidity and restore investor confidence.