Emirates NBD announces first half 2019 results #Dubai - Dubai City Guide
Guest Posts, Link Building, SEO, Pay-Per-Click campaigns
Advanced Search
Home / News / Local News
Local News
   

Emirates NBD announces first half 2019 results
(17 July 2019)

 

Emirates NBD (DFM: EmiratesNBD), a leading bank in the region, delivered a strong set of results with net profit up 49% y-o-y to AED 7.5 billion. The results include a gain on disposal of a stake in Network International of AED 2.1 billion. Core Operating Profit grew 8% y-o-y, supported by a 10% increase in net interest income on asset growth and a 20% increase in non-interest income from higher foreign exchange revenue and increased investment banking activity. The Bank’s balance sheet continues to strengthen with further improvements in liquidity and the Common Equity Tier 1 capital ratio and stable credit quality. 

Financial Highlights – H1 2019
Net profit of AED 7.5 billion, up 49% y-o-y
Core Operating Profit advances 8% y-o-y
Total Income of AED 9.5 billion improved 13% y-o-y due to asset growth and higher fee income
Net Interest Margin declined 1 bp y-o-y to 2.77% on expectation of lower interest rates
Total assets at AED 537.8 billion, up 7% from end 2018
Customer loans at AED 337.7 billion, up 3% from end 2018
Customer deposits at AED 366.7 billion, up 5% from end 2018
Credit quality ratios stable with impaired loan ratio at 5.9% and coverage ratio at 125.8%
Liquidity Coverage Ratio of 188.8% and AD ratio of 92.1% demonstrate the Group’s healthy liquidity position
Common Equity Tier 1 ratio strengthens by 0.8% to 17.4% during 2019.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: “Emirates NBD delivered a healthy set of results in the first half of 2019. The Group continues to make progress on international growth. Emirates NBD is honoured to have been given permission to open twenty more branches in the Kingdom of Saudi Arabia. The Bank has opened additional branches in Egypt and all regulatory approvals for the Group’s acquisition in Turkey have been granted. In support of the ‘Year of Tolerance’, launched by His Highness Sheikh Khalifa bin Zayed Al Nahyan, Emirates NBD has participated in programmes and initiatives that celebrate the nation’s unity and commitment to diversity.”

Commenting on the Group’s performance, Shayne Nelson, Group Chief Executive Officer said: “Net profit advanced by 49% to reach AED 7.5 billion in the first half of 2019. This includes a AED 2.1 billion gain on the partial disposal of the Group’s stake in Network International. Core Operating Profit advanced 8% compared to the first half of 2018, helped by loan growth, higher foreign exchange income and increased investment banking activity. The Bank’s balance sheet remains strong with further improvements in liquidity and the Common Equity Tier 1 ratio and stable credit quality. Disability friendly access was extended and now covers about half of the Bank’s UAE network. Liv., the lifestyle digital bank for millennials achieved  another milestone, reaching a base of over 250,000 customers. We continue to make progress on the acquisition of Denizbank and expect this transaction to close in the third quarter of 2019.”

Surya Subramanian, Group Chief Financial Officer said: “The operating performance for the first half of 2019 was pleasing as all business units delivered income growth. Net interest income grew by 10% in the first half, compared to the previous year, helped by 13% asset growth. Fee income advanced 20% due to strong growth in foreign exchange and investment banking income. Costs were 7% higher compared to the previous year on higher staff costs. NIMs declined by 1bp y-o-y as the effect of lower interest rates fed through to loan pricing. We maintain our margin guidance as the Bank’s strong liquidity position affords the ability to retire more expensive fixed deposits.”

We accept Guest Posts


DubaiCityGuide.com is owned and managed by Cyber Gear



  All fields are mandatory
Your Name
Email
City
Country
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image

     
 
email print
 

Sponsored By : PressReleaseNetwork.com           Sponsored Opportunities

       
       
   
       

Hotels hotels Check out Hotels in Dubai
Shopping shopping A complete Mall & Store Guide
Dining dining Eating out at the coolest spots
Sightseeing sightseeing Things to see & do
DCG Recommends dcg recommends Best of the best in Entertainment
News Alerts
News Alerts
Stay ahead with dubai news
dcg mobile
dcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Dubai Blog
Your space, your voice
sitemap
Sitemap
DCG at a glance