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November 2, 2017

Emirates NBD nine months net profit rises 15%

Emirates NBD has reported a net profit of AED6.17bn ($1.6bn) for the nine months ended 30 September 2017, an increase of 15% compared to AED5.38bn ($1.4bn) a year ago.

The bank attributed the rise in net profit to asset growth, a control on expenses and reduced provisions.

The banking group’s total income stood at AED11.42bn, up 1% from AED11.28bn in the previous year.

Non-interest income dropped 6% to AED3.43bn from AED3.63bn last year, while net interest income rose 4% year-on-year to AED7.99bn.

The bank’s capital adequacy ratio and tier 1 capital ratio at the end of September 2017 were 21.2% and 18.8%, respectively.

The bank’s Retail Banking & Wealth Management (RBWM) unit posted total income of AED5.04bn for the first nine months of 2017, an increase of 11% from the same period last year. The bank said that the rise was driven by growth in net interest income from liabilities and fee based revenues from wealth, foreign exchange and cards.

The unit’s fee income comprised 35% of revenue, the bank said in its earnings statement.

Emirates NBD group CEO Shayne Nelson said: “Emirates NBD delivered a strong set of results with net profit of AED 6.17 billion for the first nine months of 2017, up 15% year-on-year. Margins have continued to improve throughout 2017, helped by rate rises and an improvement in funding costs.”

 

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