Bloomberg News

Emirates NBD Drops After Saying Non-Performing Loans to Increase

October 24, 2011

Oct. 24 (Bloomberg) -- Emirates NBD PJSC, the United Arab Emirates’ biggest publicly traded bank by assets, fell to the lowest level in more than six months after its chief financial officer said non-performing loans will rise.

Shares of the Dubai-based lender lost 4.6 percent to 3.54 dirhams at the 2 p.m. close in Dubai, the weakest since April 7. The benchmark Dubai Financial Market General Index retreated 0.3 percent.

Emirates NBD has a non-performing loans ratio of 13 percent to 14 percent this year and expects an annual 1 percentage point increase over the next two years, Chief Financial Officer Surya Subramanian said today.

--Editors: Tim Farrand, Lukanyo Mnyanda

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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