DUBAI, April 19 (Reuters) - Emirates NBD (ENBD), Dubai's largest lender, posted a four percent rise in first-quarter net profit on Wednesday.
The bank made a net profit of 1.87 billion dirhams ($509 million) in the three months to March 31, a statement from the bank said, compared to 1.81 billion dirhams in the corresponding period of 2016.
The bank, 55.6-percent owned by state fund Investment Corp. of Dubai and viewed as a barometer for the health of the Dubai economy, said the results were 'underpinned by a control on expenses and an improved cost of risk.'
($1 = 3.6730 UAE dirham)
(Reporting by Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
The bank made a net profit of 1.87 billion dirhams ($509 million) in the three months to March 31, a statement from the bank said, compared to 1.81 billion dirhams in the corresponding period of 2016.
The bank, 55.6-percent owned by state fund Investment Corp. of Dubai and viewed as a barometer for the health of the Dubai economy, said the results were 'underpinned by a control on expenses and an improved cost of risk.'
($1 = 3.6730 UAE dirham)
(Reporting by Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))
