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EBG’s profit for 9 months soars 96pc to Dh1.15b

DUBAI — The Emirates Bank Group (EBG) recorded a net profit of Dh1, 152 million (US$ 314 million) for the nine months ended September 30, 2005. This represents an increase of 96.2 per cent over the Dh587 million (US$ 160 million) earned in the same period in 2004. Earnings per share increased to Dh1.61 (US$ 0.44) compared to Dh0.82 (US$ 0.22) for the same period last year.

Total assets of the group were Dh48.9 billion (US$ 13.3 billion) at September 30, 2005 an increase of Dh12 billion (US$ 3.2 billion) or 32 per cent over September 30, 2004.

Loans and advances to customers were higher at Dj34.2 billion (US$ 9.3 billion) at September 30, 2005 from Dh28.4 billion (US$7.7 billion) at September 30, 2004.

Customer deposits increased to Dh26.6 billion (US$ 7.2 billion) at September 30, 2005 from Dh20.3 billion (US$ 5.5 billion) at September 30, 2004.

The bank's investment portfolio totalled Dh4.5 billion (US$ 1.2 billion) at September 30, 2005, an increase from Dh1.3 billion (US$ 360 million) at September 30, 2004.