Dubai's largest bank Emirates ENBD posts flat third-quarter profit

RBL Bank

21/10/2026 05:50

By Federico Maccioni
DUBAI, Oct 21 (Reuters) - Emirates NBD ENBD.DU, Dubai's largest bank by assets, posted a flat third-quarter profit on Wednesday.
Quarterly profit was 6.4 billion dirhams ($1.74 billion), ENBD said in a statement
Net profit in the first nine months grew 2% year-on-year to 19.3 billion dirhams, as net interest income boosted income.
The Middle East conflictbrought turmoil to the region this year, impacting energy flows, logistics and tourism
While business in the Gulf's business and tourism hub, Dubai, has largely resumed, recovery in sectors such as hospitality could take longer
"Activity in sectors like tourism, trade and logistics remains moderate," ENBD said, noting that the UAE economy continues to expand despite "ongoing regional tensions"
However, the International Monetary Fund has forecast a dire 2026 for the Gulf region and expects the UAE economy to contract 3.9% before rebounding in 2027
Emirates NBD said income was up 15% at 42.2 billion dirhams in the first nine months, while expenses rose 19% to 13.3 billion dirhams
Gross loans grew 27% to 833 billion dirhams at the end of the first nine months. They were up 18%, excluding RBL RATB.NS, the Indian bank whose acquisition ENBD completed this year
Deposits grew 19% year-to-date to 935 billion dirhams, ENBD said, citing "a growing customer base". They were up 12%, excluding RBL
Emirates NBD, majority-owned by Dubai's government, said total assets rose to 1.38 trillion dirhams at the end of the first nine months of the year
($1 = 3.6725 UAE dirham)

 (Reporting by Federico Maccioni; Editing by Subhranshu Sahu)
 ((federico.maccioni@thomsonreuters.com, +971 527370852))