July 17, 2019 / 5:06 AM / 2 months ago

Dubai's Emirates NBD's H1 profit surges on asset sale, forex gains

DUBAI, July 17 (Reuters) - Emirates NBD, Dubai’s largest bank, on Wednesday reported a 49% surge in first-half net profit, helped by the sale of a stake in Network International and strong non-interest income on foreign exchange gains.

The lender posted a net profit of 7.48 billion dirhams ($2.04 billion) in the six months to June, compared with 5.02 billion dirhams a year earlier.

Second-quarter net profit jumped 80% to 4.74 billion dirhams, the bank said in a statement.

EFG Hermes had expected a net profit of 4.06 billion in the second quarter.

The results included a gain of 2.1 billion dirhams from the sale of a stake in Network International in an initial public offering in London in April.

Emirates NBD, which is 55.8% owned by state fund Investment Corp of Dubai, said net interest income rose 10% in the first half, boosted by a double-digit rise in asset growth that offset slightly weaker margins.

Non-interest income surged 20%, driven by strong foreign exchange income. ($1 = 3.6728 UAE dirhams) (Reporting by Saeed Azhar; editing by Gopakumar Warrier)

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