Private Banking revenue results at Emirates NBD in 2019 increased 7% on a year-on-year basis. The growth was said to be driven by a rise in client acquisitions.
Emirates NBD Retail Banking & Wealth Management (RBWM) division posted an income of AED7.97bn ($2.1bn) for the 12-month period ended 31 December 2019. This is an 8% rise from the previous year’s figure.
The banking group noted that it strengthened its wealth platform in 2019 by launching new funds as well as structured products.
Assets under management at Emirates NBD Asset Management as of 31 December 2019 were 9% higher than last year.
At a group level, Emirates NBD registered a net profit of AED14.5bn in 2019.
This marks a 44% jump compared to AED10.04bn in the previous year. The bank attributed the growth to a gain of AED4.39bn on Network International shares sale.
Operating profit increased 4% to AED10.39bn from AED10.03bn over the period. This was said to be due to DenizBank integration, asset growth, and higher fee income.
Total income surged 29% to AED22.42bn from AED17.4bn. Net interest income increased 26% to AED16.19bn from AED12.89bn, driven to loan growth and margin improvement due to DenizBank takeover.
The bank’s capital adequacy ratio and common equity tier 1 ratio at the end of December 2019 stood at 18.5% and 15.3%, respectively.
Emirates NBD group CEO Shayne Nelson said: “The Bank’s balance sheet remains healthy and the acquisition of DenizBank helped grow total assets by 37% to AED 683 billion.
“NIMs improved 7 bps y-o-y to 2.89%, helped by our expansion into Turkey, whilst the cost to income ratio at 32.1% remains within guidance.”