ENBD posts 8% rise in Q4 net income
UAE lender Emirates NBD, 55.6% owned by state fund Investment Corp of Dubai, has posted an 8% rise in its fourth-quarter net profit, as the amount set aside by the lender to meet loan losses soared, Reuters has reported. The lender made a net profit of Dhs673m ($183.2m) in the three months to December 31, compared with Dhs626m in the same period last year. The net profit came despite a 40% year-on-year jump in impairment allowances, which rose to Dhs1.31bn in the fourth quarter. Full-year net profit for 2013 was Dhs3.26bn, up 27% from the Dhs2.55bn recorded in the previous year.