Emirates NBD has posted net profit of AED5.38bn for the nine months ended 30 September 2016, an increase of 8% compared to AED4.99bn a year ago.
The bank attributed the rise in profit to asset growth, improved core fee income and improved recoveries.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Total income stood at AED11.28bn, a rise of 1% from AED11.15bn in the corresponding period of 2015.
Net interest income increased 1% to AED7.65bn from AED7.57bn a year ago. Non-interest income increased 1% year-on-year to AED3.63bn.
As at 30 September 2016, the bank’s capital adequacy ratio was 20.5% and Tier 1 capital ratio was 18%.
The bank's Retail Banking & Wealth Management (RBWM) arm reported total income of AED4.54bn for the first nine months of 2016, a rise of 7% compared to the year ago period.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe division’s net interest income increased 6% to AED2.81bn, and fee income grew 7% to AED1.73bn, led by wealth, foreign exchange and credit card businesses.
Emirates NBD group CEO Shayne Nelson said: “We have delivered another positive set of financial results. Income grew modestly driven by higher core fee income and asset growth which offset a contraction in margins. We continue to drive digital innovation.
“We are proud to take the lead in piloting the UAE’s first blockchain network for banking services and to open a “Bank of the Future” branch at Jumeirah Emirates Towers. Whilst we have seen increased delinquencies in the micro SME segment, which has prompted Emirates Islamic to take additional provisions, the Group’s overall credit quality continues to improve.”
