Emirates NBD, a UAE-based bank, has posted net profit of AED5.14bn for the year ended 31 December 2014, up 58% from AED3.25bn a year ago.
The rise in profit is driven by strong growth in both net interest income and non-interest income. The bank’s total Income for the year 2014 grew by 22% to AED14.04bn.
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As of 31 December 2014, the bank’s total assets grew by 2% to AED363bn.
Emirates NBD vice chairman Hesham Abdulla Al Qassim said: "The Impaired Loan ratio improved to 7.8% during 2014 thanks to this reclassification and continued recoveries. The balance sheet strengthened further with a significant improvement in both the capital and liquidity ratios."
Emirates NBD group CEO Shayne Nelson said: "The Group’s total Income grew by 22% due to increased volumes, a more profitable asset mix and a more efficient funding base. Costs remain firmly under control with a cost-to-income ratio of 30.4% for 2014, comfortably within our longer term target range.
Retail Banking & Wealth Management (RBWM)
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By GlobalDataDuring 2014, the bank’s Retail Banking and Wealth Management division posted an 8% growth in revenues to AED5.6bn.
The division’s deposits grew 12% in 2014 to AED113.5bn, bank said in a statement.
The bank said that its private banking business delivered strong growth strong in its core segments across the UAE, Saudi Arabia, Singapore and UK.
