Dubai’s largest lender Emirates NBD has announced a 27 per cent jump in first quarter profits for 2011, with provisions for bad debt surging a massive 147 per cent, putting a dampener on economist expectations that we might have seen the last of provisioning rises in 2010.
The bank’s net profits improved to Dh1.4b for Q1 2011, up from Dh1.1b in the corresponding quarter last year, the bank said in a statement posted on the Dubai bourse website……………………………………….Full Article: Source