DUBAI: Emirates NBD, Dubai’s largest lender, posted a 16 percent rise in third-quarter net profit on Tuesday as net interest income jumped and impairments for bad loans eased.
The bank made a net profit of 2.64 billion dirhams ($718.8 million) in the three months to Sept. 30, a statement from the bank said, compared to 2.28 billion dirhams in the corresponding period of 2017.
The results were broadly in line with the average forecast of three analysts polled by Reuters of a net profit of 2.57 billion dirhams.
The bank, 55.6 percent owned by state fund Investment Corp., is the latest United Arab Emirates-based bank to report positive profit growth during the quarter and follows First Abu Dhabi Bank and Dubai Islamic Bank also reporting double-digit profit rises.
Net interest income increased 18 percent from the same quarter of last year, while net interest margins also improved to 2.9 percent, which the bank attributed to rate rises feeding through to the loan portfolio. That helped overcome the impact of a 1 percent drop in non-interest income and a 15 percent rise in costs over the same period.
Reflecting an improved outlook for Dubai’s economy, provisions for bad loans fell 18 percent to 353 million dirhams during the quarter.
The bank, which raised a $2 billion three-year loan late last month, said in August it was closely monitoring the situation in Turkey after a plunge in the lira since it acquired Turkey’s Denizbank from Russia’s state-owned Sberbank in a $3.2 billion deal announced in May.
Arqaam Capital has said it expects the acquisition price to be revised down sharply and for the deal to close in the fourth quarter.
Emirates NBD’s loans and advances stood at 324.7 billion dirhams at the end of September, up 7 percent since the end of last year. Deposits increased 4 percent over the same period to 341.2 billion dirhams.
Emirates NBD third-quarter profit rises 16%
Emirates NBD third-quarter profit rises 16%
- The bank is the latest UAE-based bank to report positive profit growth during the quarter
- Net interest income increased 18 percent from the same quarter of last year
Jordan’s industry fuels 39% of Q2 GDP growth
JEDDAH: Jordan’s industrial sector emerged as a major contributor to economic performance in 2025, accounting for 39 percent of gross domestic product growth in the second quarter and 92 percent of national exports.
Manufactured exports increased 8.9 percent year on year during the first nine months of 2025, reaching 6.4 billion Jordanian dinars ($9 billion), driven by stronger external demand. The expansion aligns with the country’s Economic Modernization Vision, which aims to position the country as a regional hub for high-value industrial exports, the Jordan News Agency, known as Petra, quoted the Jordan Chamber of Industry President Fathi Jaghbir as saying.
Export growth was broad-based, with eight of 10 industrial subsectors posting gains. Food manufacturing, construction materials, packaging, and engineering industries led performance, supported by expanded market access across Europe, Arab countries, and Africa.
In 2025, Jordanian industrial products reached more than 144 export destinations, including emerging Asian and African markets such as Ethiopia, Djibouti, Thailand, the Philippines, and Pakistan. Arab countries accounted for 42 percent of industrial exports, with Saudi Arabia remaining the largest market at 955 million dinars.
Exports to Syria rose sharply to nearly 174 million dinars, while shipments to Iraq and Lebanon totaled approximately 745 million dinars. Demand from advanced markets also strengthened, with exports to India reaching 859 million dinars and Italy about 141 million dinars.
Industrial output also showed steady improvement. The industrial production index rose 1.47 percent during the first nine months of 2025, led by construction industries at 2.7 percent, packaging at 2.3 percent, and food and livestock-related industries at 1.7 percent.
Employment gains accompanied the sector’s expansion, with more than 6,000 net new manufacturing jobs created during the period, lifting total industrial employment to approximately 270,000 workers. Nearly half of the new jobs were generated in food manufacturing, reflecting export-driven growth.
Jaghbir said industrial exports remain among the economy’s highest value-added activities, noting that every dinar invested generates an estimated 2.17 dinars through employment, logistics, finance, and supply-chain linkages. The sector also plays a critical role in narrowing the trade deficit and supporting macroeconomic stability.
Investment activity accelerated across several subsectors in 2025, including food processing, chemicals, pharmaceuticals, mining, textiles, and leather, as manufacturers expanded capacity and upgraded production lines to meet rising demand.
Jaghbir attributed part of the sector’s momentum to government measures aimed at strengthening competitiveness and improving the business environment. Key steps included freezing reductions in customs duties for selected industries, maintaining exemptions for production inputs, reinstating tariffs on goods with local alternatives, and imposing a 16 percent customs duty on postal parcels to support domestic producers.
Additional incentives in industrial cities and broader structural reforms were also cited as improving the investment climate, reducing operational burdens, and balancing consumer needs with protection of local industries.
