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Dubai: Emirates NBD, the UAE's newly created banking giant through the merger of Emirates Bank International and National Bank of Dubai has reported a net profit of Dh2.56 billion and total assets of Dh228 billion during the first nine months of this year.
The unaudited pro forma financial information of the new bank has been prepared by combining the consolidated balance sheets of EBI and NBD.
Emirates Bank Group (EBG) earned a net profit of Dh1.77 billion for the nine months ended Sep-tember 30, 2007 compared to Dh1.36 million in 2006, reflecting a 30 per cent growth.
Excluding IPO-related income earned in first nine months of 2006, the core profits during the first nine months of 2007 grew by 60 per cent, the bank said in a statement.
While total assets reached Dh133 billion at the close of the third quarter this year from Dh96 billion on December 31, 2006, the bank's loans and advances grew 27 per cent over the same time period to Dh75 billion.
Customer deposits grew 54 per cent to Dh63 billion.
"The merger of EBI and NBD has created a true regional banking champion. The blending of EBI and NBD's unique strengths will create immense opportunities and value for all our stakeholders," said Ahmad Humaid Al Tayer, chairman of Emirates NBD.
National Bank of Dubai reported a net profit of Dh974 million for the nine months ended September 30, 2007 compared with Dh756 million last year, recording strong growth of 28.9 per cent. As a result earnings per share (EPS) increased to Dh0.63 in 2007 from Dh0.49 in 2006.
Net interest Income grew by 32.7 per cent to Dh 1.19 billion as the total assets of the group increased by 27.1 per cent from Dh69 billion on December 31, 2006 to Dh88 billion on September 30, 2007.
Loans and Advances now represent 65 per cent of the asset base, having grown by 32 per cent to Dh57 billion on September 30, 2007 from Dh 43 billion on December 31, 2006.
Emirates NBD chief executive officer Rick Pudner said: "The combined results reflect the all round growth achieved by both EBI and NBD in the first nine months of 2007. Emirates NBD aims to continue its growth momentum by delivering on revenue and costs synergies."
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