UAE-based Emirates NBD’s consumer & wealth management (CWM) division has reported an income of AED2.42 billion (US$658.84 million) for the first half of 2013, an increase of 9% from AED2.22 billion (US$604.39 million) in the year ago period.
The rise in income was driven by a 6% growth in net interest income and a 14% improvement in fee income.
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The group’s total income for first half of 2013 amounted to AED5.55 billion, an increase of 7% compared with AED5.18 billion in the corresponding half of 2012.
The group’s net interest income for first half of 2013 improved by 7% to AED3.66 billion from AED3.42 billion in the year ago period. The group attributed the improvement in net interest income mainly to higher spread in loans and deposits which is partly offset by lower treasury spreads.
Surya Subramanian, CFO of Emirates NBD, said: "The operating performance during the first half of 2013 has been strong supported by topline growth and effective management of net interest margin. Pre-impairment operating profits increased by 10% compared to the same period in 2012.
"The bank has continued to optimize its balance sheet through increase of Tier 1 capital by AED3.67 billion, Tier 2 capital by AED2.9 billion, AED2.7 billion medium term borrowings and has also repaid AED7.8 billion of Ministry of Finance (MoF) Deposits received in 2008."
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