Dubai-based lender Emirates NBD has cut its loan growth forecast for this year, but raised its expectations for how much lending would earn it this year after reporting an estimate-beating 34.8% jump in second-quarter net profit, Reuters has reported. Dubai’s largest bank expects to see its lending grow by 4 to 5% in 2014, finance head Surya Subramanian told reporters. This is down from the 7-8% that the bank forecast at the start of the year. “This change is made considering current lending levels and the intense competition in the market,” Subramanian said. ENBD’s total loans grew just 1.4% since the end of last year.
Thursday, July 31- 2014 @ 8:28 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.