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Emirates NBD's net profit for the first half of 2019 is AED 7.5 billion

2019-07-17T22:10:47.442Z

Emirates NBD announced strong financial results for the first half of 2019 with a 49% increase in net profit over the same period of 2018 to reach AED 7.5 billion. The bank said in a statement yesterday that the results include profits Partially eliminated


Emirates NBD announced strong financial results for the first half of 2019 with a 49% increase in net profit over the same period in 2018 to reach AED 7.5 billion.

The results include profits from the partial disposal of a stake in Network International of AED 2.1 billion, the bank said in a statement yesterday.

According to the financial results, core operating profit grew by 8% over the same period of the previous year, supported by 10% growth in net interest income due to asset growth and non-interest income growth of 20% as a result of increased foreign exchange income and improved Investment Banking.

The Bank maintained that its balance sheet continues to maintain its strong position as it witnessed further improvement in liquidity, first tranche of ordinary shares and stability in credit quality.

According to the financial results for the first half of 2019, total income amounted to AED 9.5 billion, up 13% compared to the same period of the previous year, due to asset growth and higher fee income.

The net interest margin decreased by one basis point compared to the same period of the previous year to 2.77% on the back of expectations of lower interest rates.

Total assets stood at AED 537.8 billion, up 7% from the end of 2018. Customer loans also increased by 3% compared to the end of 2018 to reach AED 337.7 billion.

Customer deposits increased by 5% compared to the end of 2018 to reach AED 366.7 billion.

The Bank affirmed that the credit quality is still stable, with the low loan ratio at 5.9% and the coverage ratio at 125.8%. The liquidity coverage rate was 188.8%, while the loan-to-deposit ratio of 92.1% indicates a healthy liquidity position in the Group.

The first tranche of ordinary shares improved by 0.8% to 17.4% in 2019.

Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group said that the bank has achieved good financial performance for the first half of 2019, adding that the Group continues to make further progress in expanding its international presence.

Operating profit grew 8% from the first half of 2018, driven by loan growth, higher foreign exchange income and better investment banking, said Chief Executive Shane Nelson. The Bank's balance sheet continues to maintain its strong position as it has seen further improvement in liquidity, the first tranche of equity and stability in credit quality.

• AED 9.5 billion of total income, up 13%.

Source: emara

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