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The bank said its full-year net profit dropped 7 per cent to Dh3.7 billion from Dh3.95 billion a year before due to writedowns and impairments on investment and other securities totalling Dh2.26 billion.
In the fourth quarter alone, Emirates NBD said it booked mark-to-market losses of Dh777 million and Dh372 million for its corporate and retail businesses.
Emirates NBD also booked Dh471 million of impairments on its investment portfolio.
The bank said in a statement that its net profit was affected by slower global economic activity, with higher writedowns along with the decline in markets prompting it to revalue its assets.
Emirates NBD’s operating costs also went up 23 per cent from a year earlier to Dh3.4 billion.
The bank said it has kept its non-performing loans ratio at 1 per cent while an additional Dh211 million was added to portfolio impairment provisions.
· rocel@khaleejtimes.com
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