The United Arab Emirates largest bank by assets, Emirates NBD,
has posted a third quarter net profit of AED 424m ($115.4m), down
60% from the year ago quarter, missing analysts’ forecasts.

For the year to date, Emirates NBD’s net profit of AED1.9bn is
down 39% compared to the corresponding period last year.

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Net interest income declined 6% to AED 5.17bn
in the first 9 months of 2010, compared with AED 5.49 billion in
the comparable period of 2009 due to a 24 basis point reduction in
the net interest margin to 2.55 percent.

Emirates NBD said overall provisions for bad loans rose 67% from
a year ago to AED1.2bn.

The bank’s non-performing loans to total loans ratio rose to
3.66% from 2.3% at the end of 2009.

Customer loans fell 6% from the end of 2009 to
AED 201.1bn in the third quarter.

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Deposits increased 10% from the previous
year-end to AED198.8bn; and retail deposits increased by 13% from
the end of 2009 to reach AED 59.8 bn.