Emirates NBD, a UAE-based bank, has posted net profit of AED2.35 billion (US$639.78 million) for the half year ended 30 June 2014, up 30% from the same period a year ago.
The bank’s total Income for first six months of 2014 grew by 27% to AED7.04 billion whilst pre-impairment operating profit improved by 35% to AED4.91 billion.
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The bank’s total assets grew by 2% to AED348.3 billion in the first half of 2014.
Emirates NBD group CEO Shayne Nelson said: "During the first half of 2014, we have delivered another healthy set of results, with net profit up by 30% to AED 2.35 billion. This is driven by strong growth in both net interest income and non-interest income coupled with a firm control on expenses.
"I have focused management efforts on balance sheet optimization, diversification of income, addressing the legacy NPL position, improved capital efficiency and stronger liquidity. As a result the bank is in a healthier position than at the beginning of 2014 in each of these areas."
Retail Banking & Wealth Management (RBWM)
During the first half, the bank’s Retail Banking and Wealth Management division recorded income growth of 15% for the half year ended 30 June 2014 reaching AED2.79 billion compared to AED2.50 billion million a year ago.
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By GlobalDataThe division’s net interest income rose by 12% while fee income grew by 22%, the bank said in a statement.
The bank said that its private banking business delivered strong growth rates from its UAE platform across core market segments.
