DUBAI, July 27 (Reuters) - Emirates NBD, Dubai's biggest lender by assets, said its second-quarter profit surged 78% to a record 6.2 billion dirhams ($1.69 billion) on higher margins, an improved deposit and loan mix, and substantial recoveries.
The bank, majority owned by the government of Dubai, also said its balance sheet crossed 800 billion dirhams for the first time.
Dubai, home to the world's tallest skyscraper and palm-shaped artificial islands, has become one of the world's fastest-growing cities, with a population of 3.6 million, according to the emirate's statistic centre.
Its property market has boomed after a swift post-pandemic economic rebound and relaxed residency rules.
The bank reported a record first-half profit of 12.3 billion dirhams, up 130% from the previous year.
Total gross loans stood at 479 billion dirhams at the end of June, up 5% year-to-date. The company's deposits increased 11% year-to-date to 556 billion dirhams as of June 30.
($1 = 3.6724 UAE dirham) (Reporting by Hadeel Al Sayegh; editing by Eileen Soreng)
