Shares in ENBD fell 4.6 percent after its net profit widely missed estimates, weighed down by government-linked debt exposure.
"We don't think this is a game changer, although impairments are looking to be higher in 2011-13 than expected," Rasmala Investment Bank said in a note.
"Although the increase in loan commitments and higher investment costs do suggest some improvements, cautious comments on private sector credit suggest that any optimism may remain narrowly focused," it added.
Dubai's benchmark fell 0.3 percent to 1,360 points, just three points above Tuesday's seven-month low.
Meanwhile, neighboring Abu Dhabi's index rose 0.2 percent to 2,447 points, up from Sunday's 30-month low.
Banks supported with Bank of Sharjah gaining 2.9 percent, Abu Dhabi Islamic Bank rising 1.3 percent and Sharjah Islamic Bank up 3.4 percent.
"Local sentiment is not that strong and interest to start building positions is not there due to high volatility in international markets, which is affecting us negatively," said Marwan Shurrab, vice-president and chief trader at Gulfmena Investments. "Q3 numbers are also not helping."
Saudi Arabia's market closed little changed. The Tadawul All-Share Index (TASI) eased 0.07 percent to 6,132 points.
Kuwait's index rose 0.2 percent to 5,919 points — its highest close since Sept. 22.
Al-Mal Investment Company jumped 8.8 percent, Coast Investment and Development surged 8.3 percent and National Investment Company rose 5.1 percent. Kuwait Pipes Industries advanced 6.7 percent.
Kharafi Group owns shares in all the above companies.
"Al-Kharafi group stocks are getting speculative trading because most of the stocks that have been active lately have reached strong resistance levels," said Fahad Al-Sheraian, general manager at Union Securities Brokerage Company. "Investors now prefer to pick small-cap, under-valued stocks."
Trading is muted, with international uncertainty pushing investors away from high-risk, illiquid stocks, and shortening investment terms, he added.
In Qatar, upbeat earnings helped the index climbed 0.3 percent to 8,458 points, trimming 2011 losses to 2.6 percent to be the best performing Gulf index.
"Qatar is grabbing interest from local and international institutional buyers, supporting the growth story which is unfolding on a daily basis," said Shurrab.
United Development jumped 7.1 percent, extending gains to reach its highest close since May 15.
On Sunday, it reported a 75.4 percent increase in nine-month net profit to 1.8 billion riyals.
The Omani index eased 0.02 percent to 5,539 points.
The Bahraini measure eased 0.03 percent to 1,144 points.
