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Dubai’s biggest bank boosts 2018 profit 20%, beats estimates
DUBAI: Emirates NBD PJSC reported a better-than-expected increase in full-year profit as lending rose and loan loss charges fell at Dubai’s biggest bank.
The state-controlled lender recommended a dividend of 40 fils a share, unchanged from a year ago.
“Margins widened 35 basis points (bps) in 2018 as rate rises flowed through to the loan book which more than offset a rise in funding costs,” group chief executive officer Shayne Nelson said.
“The group’s balance sheet remains healthy with a further strengthening in capital coupled with strong liquidity and stable credit quality.”
Emirates NBD is the United Arab Emirates’ second-biggest bank with assets of US$136bil; top lender is First Abu Dhabi Bank.
The bank agreed to buy Turkey’s Denizbank AS last year, for which it is now seeking regulatory approval.
It is said to have held off from selling a dollar bond in November as interest rates climbedThe bank is rated A3 at Moody’s; A+ at Fitch.
All have stable outlooks.
NBD is the third big regional lender to report results after Qatar National Bank and Bank Muscat, both of which beat estimates for full-year earnings.Emirates NBD shares dropped 2.1% at close in Dubai on TuesdayStock advanced 8.4% in the past 52 weeks. The Dubai Stock Index lost 29%.
The shares are down 1 % in the past 5 days and rose 1.1% in the past 30 days.
Emirates NBD trades at 5.2 times its estimated earnings per share for the coming year. The company’s dividend yield is 4.4% on a trailing 12-month basis and 4.4% based on Bloomberg Dividend Forecasts for the next 12 months.
The analyst consensus one-year price target for the company is AED14.78, for a potential return of 64%. Analysts raised the target by 6.7% in the past three months.
— Bloomberg
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
FaatihBinKanaan
will keep a close look on this. thanks
2019-01-17 16:54