Emirates NBD Reports Net Profits Up 63 Percent To AED12.5 bn In Nine Months #Dubai - Dubai City Guide
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Emirates NBD Reports Net Profits Up 63 Percent To AED12.5 bn In Nine Months
(29 October 2019)

 

Emirates NBD delivered a strong set of results with net profit up 63 percent Y-o-Y to AED12.5 billion in the first nine months of 2019.

The results include an AED4.4 billion impact from the Network International transaction. Post DenizBank acquisition, Core Operating Profit grew 5 percent Y-o-Y, supported by a 17 percent increase in net interest income on loan growth and a 31 percent increase in non-interest income from higher foreign exchange and credit card income.

The Bank’s balance sheet remains strong with healthy liquidity and credit quality. A rights issue has been announced to further boost capital ratios, Emirates NBD said in a statement today.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: "Emirates NBD delivered a strong set of results in the first nine months of 2019. The Bank successfully completed the acquisition of DenizBank in the third quarter of 2019. This represents a significant milestone for Emirates NBD, expanding our presence to 13 countries and establishing Emirates NBD as a leading Bank in the MENAT region with over 14 million customers. The Bank also raised the foreign ownership limit from 5 percent to 20 percent and announced its intention to seek shareholder and regulatory approval to further increase this to 40 percent.

"The Bank is offering our valued and loyal shareholders an exceptional opportunity to partake in our continued growth and success through participating in a rights issue of up to US$1.75 billion as we remain key partners to the growth agenda and vision of our nation’s esteemed leadership. We are delighted to be ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands. This reflects our relentless effort to deliver unparalleled customer service and best-in-class products, whilst being a champion of corporate social responsibility and sustainability."

Commenting on the Group’s performance, Shayne Nelson, Group Chief Executive Officer said: "Net profit advanced by 63 percent to AED12.5 billion for the first nine months of 2019. This includes an AED4.4 billion impact from the Network International transaction. The successful completion of the rights issue will ensure that the Bank’s capital base provides a strong foundation to embrace controlled growth in the coming years. We have delivered further digital innovation with the creation of E20., a digital business bank for SMEs and entrepreneurs. We are honoured to be recognised for our pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations."

Surya Subramanian, Group Chief Financial Officer said: "The operating performance for the first nine months of 2019 was pleasing as the core operating profit advanced 5 percent supported by asset growth and higher fee income. With the inclusion of DenizBank, total income grew 20 percent in the first nine months, helped by 17 percent growth in net interest income and a 31 percent improvement in non-interest income. NIMs improved 1 bp y-o-y to 2.82 percent, helped by higher margins from DenizBank. The cost to income ratio at 30.3 percent is within guidance however the Bank remains firmly focused on cost controls as we face pressure on income due to falling interest rates."

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