Net profit of two largest banks in Dubai exceeded forecasts in the second quarter

The two largest banks in Dubai - Emirates NBD and Dubai Islamic Bank - in the second quarter increased their net profit due to increased activity in the construction industry of the emirate, which contributed to increased lending. Emirates NBD increased its figure by 30% year-on-year to 2 billion 630 million dirhams. The net interest margin increased to 2.78% from 2.41%. The volume of deposits in the first half of the year increased by 3%, loans - by 4%. The net profit of Dubai Islamic Bank grew by 14% year-on-year to 1 billion 210 million dirhams. The bank increased the volume of deposits in the first half of the year by 3%, loans - by 6%. The indicators of both banks have surpassed the forecasts of analysts.

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