July 24, 2014 / 5:36 AM / 3 years ago

Dubai lender ENBD Q2 net profit jumps 34.8 pct, beats estimates

DUBAI, July 24 (Reuters) - Emirates NBD, Dubai's largest lender, on Thursday posted a 34.8 percent jump in second-quarter net profit, beating analysts' forecasts despite a significant hike in impairments.

The lender, 55.6-percent owned by state fund Investment Corp of Dubai, made a net profit of 1.31 billion dirhams in the three months to June 30, Reuters calculated, compared to 972 million dirhams in the same period last year.

An average of six analysts polled by Reuters forecast a net profit of 1.09 billion dirhams for the second quarter.

The increase in earnings came despite provisions set aside to cover bad loans jumping 34.4 percent year-on-year to 1.34 billion dirhams, according to Reuters calculations.

ENBD didn't provide a quarterly breakdown in its first-half results filing so Reuters calculated figures for the three months to June 30 using previous financial statements. (Reporting by David French; Editing by Olzhas Auyezov)

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