October 28, 2019 / 6:04 AM / 3 months ago

Dubai's Emirates NBD third-quarter profit surges 89%

DUBAI, Oct 28 (Reuters) - Dubai’s largest lender Emirates NBD (ENBD) said on Monday its third-quarter profit almost doubled after the bank reported a gain of 4.4 billion dirhams ($1.20 billion) from the initial public offering (IPO) of its partially owned Network International.

Dubai-based Network International is the largest payments processor in the Middle East and Africa, and is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

Emirates NBD’s profit attributable to shareholders rose to 5 billion dirhams in the three months ended Sept. 30, a statement from the lender said, compared with 2.64 billion dirhams in the corresponding period of 2018.

The lender, in a separate statement on Monday, said it has appointed Patrick Sullivan as the group’s new chief financial officer. Sullivan takes over from Surya Subramanian, who will return to Singapore to pursue family interests, the bank had said earlier this year.

$1 = 3.6727 UAE dirham Reporting by Hadeel Al Sayegh, Editing by Sherry Jacob-Phillips

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