Emirates NBD Q3 results prove lucrative for its Retail Banking & Wealth Management (RBWM) arm. The department posted a total income of AED5.45bn ($1.4bn) for the nine months ended 30 September 2018, an increase of 8% compared to a year earlier.

Dubai’s index – DFMGI – climbed 0.2% when markets opened on Tuesday following the results publication.

The bank attributed the rise to growth in net interest income from liabilities.

Emirates NBD further noted that private banking recorded a “robust” performance, due to focus on recurring fee income from mutual fund sales as well as new products.

Overall, the banking group reported a net profit of AED7.65bn for the first nine months of 2018, a 24% surge from AED6.17bn in the same period last year. The rise was driven by asset growth, higher margins and reduced provisions, the bank said in its earnings statement.

The banking group’s total income was AED12.9bn, up 13% from AED11.42bn in the previous year.

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Net interest income soared 19% year-on-year to AED9.53bn, which according to the bank, was due to loan growth and improvement in margins.

The bank’s capital adequacy ratio and common equity tier 1 ratio at the end of September 2018 were 21.3% and 16.6%, respectively.

Emirates NBD group CEO Shayne Nelson said: “Emirates NBD delivered a strong nine-month net profit of AED 7.7 billion underpinned by higher net interest income on the back of loan growth coupled with an improvement in margins.

“The Bank’s balance sheet remains solid with a further strengthening in capital due to retained earnings, coupled with an improvement in the non-performing loan ratio and healthy liquidity.”