Emirates NBD’s Retail Banking and Wealth Management (RBWM) division has posted a total income of AED1.4bn for the first quarter of 2015, a marginal rise of 1% as against AED1.38bn posted in the corresponding quarter of 2014.
Growth in the unit was mainly driven by a 20% rise in fee income, the bank said in its earnings statement.
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Significant growth was recorded in Emirates NBD Private Banking, primarily owing to non-funded income. The segment particularly showed good performance in its International locations.
Emirates NBD Asset Management posted a growth in its assets under management to over AED11bn.
The asset business of the Dubai-based bank witnessed a strong quarter, driven by strong bookings in auto and personal Loans, with the cards business continuing to grow market share through campaigns as well as new products such as the Dubai Multi Commodities Center credit card.
The retail business emphasized on building customer loyalty through supporting digital banking innovations, the statement added.
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By GlobalDataCustomer acquisition growth has been supported by the Upper Personal Banking proposition ‘Beyond’ launched in the fourth quarter of last year, while the segment proposition posted growing customer demand.
Overall, the group’s total income for the first quarter stood at AED3.84bn, up 15% compared to AED3.33bn a year ago.
Net profit was AED1.67m, a 60% jump versus net profit of AED1.04bn posted a year earlier.
