EMIRATES NBD PJSC, the United Arab Emirates' biggest bank by assets, may release third-quarter figures this week showing that profits jumped 50 percent, helped by benefits from a merger and higher lending in the second-biggest Arab economy.
Net income for the period ending September 30 advanced to 978 million dirhams (US$266 million), according to the median estimate of three analysts surveyed by Bloomberg News.
Forecasts ranged from 753 million dirhams by Global Investment House KSCC to 1.37 billion dirhams from Al Mal Capital LLC.
"The bank has benefited from its size, retail footprint and enhanced product offerings, especially in syndicated loans," Deepak Tolani, a Dubai-based research analyst at brokerage Al Mal Capital, said in a report on October 12. "We expect a slowdown in loans and deposit growth from the previous quarter although growth will be healthy on an annual basis."
Emirates NBD was formed after its controlling shareholder, the Dubai government, merged Emirates Bank International PJSC and National Bank of Dubai PJSC. Emirates NBD's loans at the end of June jumped 42 percent from a year ago.