Dubai's Emirates NBD bank sees '08 "uncertain
Emirates NBD, the Gulf's largest bank which on Wednesday posted a 35 percent rise in 2007 profit, said 2008 is likely to be uncertain as volatility in global markets impacts the world's largest oil-exporting region.
The bank, which the Dubai government formed in October by combining Emirates Bank International Ltd and National Bank of Dubai, said it would look to borrow this year to help finance more corporate and retail lending.
"It is going to be more of an uncertain year," Chief Executive Officer Rick Pudner said in a conference call on Wednesday. "It is a positive picture but it will be a bit more of a confused year."
Net income grew 35 percent to 3.95 billion dirhams ($1.08 billion) last year, the bank said earlier.
Loans surged 48 percent to 152 billion dirhams. Costs rose 51 percent to 2.72 billion dirhams as the bank spent more on infrastructure, Pudner said.
"There will be borrowing during the year," Pudner said of the bank's combined $9.8 billion euro medium-term note programme. "We have parts of our EMTN programme falling off; we need to replenish those."
International lenders such as Citigroup have written down more than $80 billion in credit-market losses since October because of defaults on subprime mortgages. That has made banks more reluctant to lend, and credit more difficult and expensive to secure. (Reuters)
The bank, which the Dubai government formed in October by combining Emirates Bank International Ltd and National Bank of Dubai, said it would look to borrow this year to help finance more corporate and retail lending.
"It is going to be more of an uncertain year," Chief Executive Officer Rick Pudner said in a conference call on Wednesday. "It is a positive picture but it will be a bit more of a confused year."
Net income grew 35 percent to 3.95 billion dirhams ($1.08 billion) last year, the bank said earlier.
Loans surged 48 percent to 152 billion dirhams. Costs rose 51 percent to 2.72 billion dirhams as the bank spent more on infrastructure, Pudner said.
"There will be borrowing during the year," Pudner said of the bank's combined $9.8 billion euro medium-term note programme. "We have parts of our EMTN programme falling off; we need to replenish those."
International lenders such as Citigroup have written down more than $80 billion in credit-market losses since October because of defaults on subprime mortgages. That has made banks more reluctant to lend, and credit more difficult and expensive to secure. (Reuters)
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