In Dubai on January 25th, Emirates NBD (ENBD.DU), the largest bank in Dubai in terms of assets, announced a 3% increase in fourth-quarter profits, attributed to asset growth, a low-cost funding base, and increased transaction volumes. Following this announcement, the bank’s shares surged by up to 5.1%, reaching a profit of 4 billion dirhams ($1.1 billion), surpassing the 0.5% increase in Dubai’s benchmark stock index (.DFMGI). Emirates NBD, predominantly owned by the Dubai government, proposed a dividend of 120 fils per share for the previous year, doubling the dividend paid to shareholders in 2022.
