October 28, 2019 / 7:06 AM / 16 days ago

UPDATE 1-Dubai's Emirates NBD third-quarter profit surges 89%

(Adds details of results, background)

DUBAI, Oct 28 (Reuters) - Dubai’s largest lender Emirates NBD said on Monday its third-quarter profit almost doubled after the bank reported a gain of 4.4 billion dirhams ($1.2 billion) from the initial public offering of Network International.

Dubai-based Network International is the largest payments processor in the Middle East and Africa, and is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

Emirates NBD’s profit attributable to shareholders rose to 5 billion dirhams in the three months ended Sept. 30, the lender said in an earnings statement, compared with 2.64 billion dirhams in the corresponding period of 2018.

The Dubai-based lender said it disposed of 39.1% shareholding in Network International for a net consideration of 4.22 billion dirhams. The bank said it now retains an 11.9% interest in the payments processor.

The lender is planning a rights issue in the fourth quarter and is seeking to raise 6.45 billion dirhams.

Emirates NBD, in a separate statement, said it has appointed Patrick Sullivan as the group’s new chief financial officer. Sullivan takes over from Surya Subramanian, who will return to Singapore to pursue family interests, the bank had said earlier this year.

$1 = 3.6727 UAE dirham Reporting by Hadeel Al Sayegh; Editing by Sherry Jacob-Phillips

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