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30-10-18
Emirates NBD's profit surges 16 percent
(MENAFN) Emirates NBD's profits during the third quarter of 2018 was confirmed to have witnessed a jump by 16 percent.
In a statement, Emirates NBD announced that it recorded a boost in its net profit to reach USD719 million during the third quarter of this year.
Group chief financial officer Surya Subramanian stated: "the operating performance for the third quarter of 2018 was satisfying as all business segments delivered a year-on-year increase in both operating income and contribution to group profit."
The group chief noted "margins continued to improve as rate rises flowed through to loan book which more than offset a rise in deposit costs."
Subramanian further added that "any benefit from future rate rises may be limited as we have experienced some migration from current account and savings account to fixed deposits."
MENAFN3010201800450000ID1097637398
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