Emirates NBD yesterday announced its financial results for the first nine months of the year, achieving a net profit of AED 12.483 billion, an increase of 63% compared to the same period last year.

This includes a profit of AED 4.389 billion as a result of the partial exit of Network International shares and the fair valuation of the remaining share, while core operating profit grew by 5% compared to the same period in 2018, supported by strong asset growth and higher fee income.

Total income for the first nine months of 2019 amounted to AED 15.541 billion, an increase of 20% compared to AED 12.905 billion for the same period in 2018, while net interest income improved by 17% compared to the same period last year or 8% excluding Denizbank »supported by loan growth.

Total non-interest income rose 31% year-on-year, or 20% excluding Denizbank, on the back of higher core fees and investment income.

Core fee income increased by 26% compared to the same period last year due to higher foreign exchange income and credit card income.

Costs for the first nine months of the year rose 14% year-on-year to AED 4.706 billion, due to an increase in staff and operational costs related to international expansion activities.

During the first nine months of 2019, the impairment rate improved by 1.1% to 4.8%, with Denizbank loans being recorded at fair value at the acquisition date resulting in no increase in non-performing loans to the Group.

The impairment charge for the period was AED 2.755 billion, 149% higher than in 2018.

Loans and deposits have risen by 31% and 35% respectively since the beginning of the year.

Total assets increased by 35% to AED 675.6 billion in 2019, including Denizbank.

Hisham Abdulla Al Qasim, Vice Chairman and Managing Director of Emirates NBD Group, said: `` The Bank has again achieved strong financial performance for the first nine months of 2019 and has successfully completed its acquisition of Denizbank in the third quarter of the year. This is a record achievement for Emirates NBD as it expands its presence to 13 countries. ”

Emirates Islamic posts 43% increase in profits

Emirates Islamic Bank reported a net profit of AED 937 million in the first nine months of this year, a growth of 43% compared to the same period last year, exceeding the profit for the whole of 2018.

The bank reported total income of AED 2.051 billion, up 11%, driven by balance sheet growth, higher funded income and strong foreign exchange income and net profit also supported by lower provisions for non-financial assets.

Total assets in Emirates Islamic stood at AED 62.7 billion as at 30 September 2019, while receivables for finance and investment rose 3% to AED 37.4 billion since the beginning of the year.

One share for every 7.32 shares held by the shareholder

Emirates NBD has announced the details of its capital increase through a rights issue of AED 6.45 billion. One share will be allocated for every 7.32 shares held by the shareholder.

In a statement posted on the Dubai Financial Market website, the bank said that according to the laws to be applied in the UAE, there are no fractional shares. Eight shares.

He added that the allocation of rights to shareholders on October 31, 2019, will be on the distribution of one right for every 7.32 shares, since the bank is unable to allocate fractions of rights.