ENBD Q4 2011 Profit Fall

Dubai-based Emirates NBD bank reported that net profit during the fourth quarter of 2011 fell to Dhs152 million from Dhs403 million during the same period a year ago, due to “the additional conservatism applied to provisioning.” The total income during the period increased by 10 per cent year-on-year to reach Dhs2.49 billion, the bank said.

“We have taken a more conservative approach to strengthen the bank’s position to meet the challenges reflected in the broader global financial markets,” said Sheikh Ahmed bin Saeed Al Maktoum, Emirates NBD chairman.

For the full year period, the bank reported a net profit of Dhs2.5 billion, up six per cent compared to 2010. Earnings per share for the year increased nine per cent to Dhs0.41, it said.

Total income for the year amounted to Dhs9.9 billion, an increase of two per cent compared with Dhs9.72 billion in 2010.

The bank said that the results also included the financial results for Dubai Bank, which Emirates NBD took over in October 2011. “The takeover did not impact Emirates NBD’s net profit or non-performing loans ratio as on the date of acquisition,” the bank said in the statement.