Emirates NBD, the largest bank in Dubai in terms of assets, has reported a significant increase in its net profit for the third quarter of this year. The bank stated that its net profit rose by 38% compared to the same period last year. This increase can be attributed to several factors, including the growth of its loan portfolio and its ability to access low-cost funding. Additionally, the bank was able to capitalize on the current higher interest rates, contributing to its overall profitability.
Emirates NBD’s strong financial performance highlights its robust position in the banking industry, amidst a challenging economic environment. The bank’s strategy to focus on expanding its loan book and effectively managing its funding costs has proven successful. As the leading lender in Dubai, Emirates NBD continues to demonstrate its ability to adapt and thrive in the ever-changing market conditions.
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