Emirates NBD PJSC's (EMIRATES) Islamic banking unit expects to double profit in 2013 as individuals and small businesses take out more loans amid Duba (more)
Emirates NBD PJSC's (EMIRATES) Islamic banking unit expects to double profit in 2013 as individuals and small businesses take out more loans amid Dubai
's economic revival, the chief executive officer said.
Emirates Islamic Bank PJSC, wholly owned by the biggest United Arab Emirates lender by assets, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Jamal Bin Ghalaita said in an interview. The lender said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Banks in Dubai, still struggling with nonp-erforming loans stemming from the 2008 real estate crash, are stepping up efforts to boost Islamic finance as the industry's global assets are set to double by 2015. U.A.E. loan growth of 2.8 percent in October was the slowest in the Gulf Cooperation Council as lenders scaled back credit to government-related clients following efforts by the central bank to limit their exposure.
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