Dubai -- Emirates NBD (ENBD.DU), opens new tab on Thursday reported a 23% rise in third-quarter net profit, driven by record loan growth, days after the Emirati bank said it would invest $3 billion in RBL Bank (RATB.NS), opens new tab, the largest cross-border deal in India's financial sector.

Dubai's biggest lender by assets said its net profit was 6.4 billion dirhams ($1.74 billion) in the quarter ended September 30, beating analysts' expectations of 5.54 billion dirhams, according to mean estimates compiled by LSEG.

The lender revised its full-year loan growth guidance upwards to a low 20% range, on the back of a surge in demand in the third quarter, Group CFO Patrick Sullivan said in a statement.

UAE banks have benefited recently from rising credit demand as regional governments invest in sectors such as tourism and infrastructure to diversify their economies beyond oil.

In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices.

Emirates NBD, majority-owned by Dubai's government, said loans surged 19% since the beginning of the year to 628 billion dirhams as of end-September, while deposits grew 14% to 760 billion dirhams.

Its total assets reached 1.14 trillion dirhams, as of the end of the third quarter.

Emirates NBD, which is acquiring a 60% stake in RBL, said on Thursday the transaction is expected to be completed by the end of the second quarter next year.