Emirates NBD Profit Falls Slightly as Iran War Disruptions Persist

By Farhan Rafid

DOHA, Qatar-Emirates NBD posted a slight decline in third-quarter profit attributable to shareholders as higher income was offset by rising expenses, with Dubai's biggest bank continuing to expand lending despite the economic disruption caused by the Iran war.

The bank made a net profit of 6.33 billion dirhams ($1.72 billion) in the three months through September, down 1.5% from the same period last year.

Emirates NBD said domestic demand in the U.A.E. remained firm, supported by population growth and credit expansion, although activity in tourism, trade and logistics remained subdued.

The results come as the war involving Iran and the U.S., which began in late February, continues to disrupt shipping and trade across the Persian Gulf region, although authorities have taken measures to support businesses and maintain liquidity in the banking system.

The International Monetary Fund warned last week that a prolonged conflict and renewed disruptions to energy production, shipping and critical infrastructure remained major risks to the region's economic outlook. The fund said the pace of recovery would depend on how quickly energy production and trade returned to normal.

The IMF said earlier this month that Gulf authorities had helped contain the economic fallout by rerouting energy supplies, supporting businesses and providing liquidity to banks. However, reduced trade, weaker business confidence and higher prices continued to weigh on non-oil activity, it said.

The bank's third-quarter operating income rose 13% year on year to 14.34 billion dirhams, while operating expenses increased 26% on year to 4.91 billion dirhams.

For the first nine months of the year, Emirates NBD reported net profit of 19.14 billion dirhams, up 1.1% from a year earlier. Gross loans rose 27% since the start of the year to 833 billion dirhams, partly reflecting the acquisition of India's RBL Bank.

The bank's ratio of nonperforming loans improved to 2.0% at the end of September from 2.4% at the end of last year.

Write to Farhan Rafid at farhan.rafid@wsj.com

(END) Dow Jones Newswires

October 21, 2026 03:04 ET (07:04 GMT)