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Emirates NBD, the UAE?s largest bank by assets, has declared a 40 per cent drop in its first-half net profits for the year 2012.
In a statement posted on the Dubai Financial Market website, where it is listed, the bank said: ?Net profit for the group was Dh1.289 billion for H1 2012, 40 per cent below the profit posted in H1 2011 of Dh2.157 billion as the comparative period was aided by a Dh1.813 billion gain on the stake sale of Network International.?
Excluding last year?s non-recurring gain on subsidiaries, however, the bank?s half-yearly profits surged a whopping 274 per cent, it said. In the statement, the bank reported ?H1 2012 net profit of Dh1.3 billion, up 274 per cent compared with Dh0.3 billion in H1 2011 after excluding the Dh1.8 billion non-recurring gain on subsidiaries.?
The bank reported an improvement of 2 per cent in customer loans and 8 per cent in customer deposits during H1 2012, as compared with year-end 2011, it said in the statement. Emirates NBD?s CEO Rick Pudner attributed this growth to the bank?s focus on its ?strategic priorities?, which he said was bearing fruit.