Emirates NBD, the Middle Eastern-based bank, logged a first-quarter profit of AE641 million (around $174 million), down from AED1.413 billion a year ago but up from AED152 million in the previous three months, it said today.

Total income in the first quarter was AED2.7 billion, up by 8 per cent from Q4 2011 and up 19 per cent from Q1 2011.

Total assets were up 4 per cent at AED296.7 billion compared to AED284.6 billion at the end of 2011.

The bank had a Tier 1 capital ratio of 12.5 per cent at the end of March.

At the end of March, Emirates NBD appointed Jamal bin Ghalaita as the new chief executive of Dubai Bank, recently acquired by Emirates NBD, making it a wholly-owned subsidiary.