Profits of Emirates NBD jumped to 14.5 billion dirhams last year, a growth of 44% compared to 2018 profits.

The significant increase in the bank’s profits came with the support of the recorded increase in operating income by about 29%, which amounted to 22.42 billion dirhams in 2019, compared to 17.4 billion dirhams in 2018, and the bank achieved non-recurring profits of 4.39 billion dirhams, as a result of disposal of the share In a jointly controlled company.

The bank's balance sheet continues to maintain its strong position, with good liquidity and credit quality ratios. The first-tier ratio of ordinary shares also remained stable at 15.3%, following the successful issue of the IPO in November 2019.

Distinguished year

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Emirates NBD Group, said, "2019 was a distinguished year, culminating in a strong net profit." He pointed out that "the bank's outstanding performance and strategic initiatives contributed to enabling it to achieve value gains for shareholders." .

His Highness added that the success of the IPO process comes as a confirmation of the confidence of local and international investors in the bank's approach to work and its promising future aspirations.

“As the official banking partner of Expo 2020 Dubai, we are proud to associate the Emirates NBD with the largest and most important exhibition in the world, and through this event we look forward to building a strong and sustainable social and economic legacy,” he added.

His Highness stated that, “In line with the 2019 initiative (Year of Tolerance), we have devoted community service activities to support this approach by making continuous efforts to enable and meet the requirements of people of determination, and in line with the 2020 initiative (the year of the 50th year of preparation) to celebrate the 50th anniversary of the UAE, we have directed Our efforts to help shape the profiles of a better future for future generations over the next 50 years. ”

Powerful performance

For his part, Vice President and Managing Director of the Emirates NBD Group, Hisham Abdullah Al Qasim, said that “the bank managed to achieve strong financial performance in 2019, where the total assets exceeded 683 billion dirhams,” pointing to the importance of joining “Denizbank” during In 2019 to Emirates NBD, which contributes to expanding the bank’s presence in 13 countries, and providing its services to more than 14 million customers in the MENA region and Turkey.

Al Qasim added that the bank increased the percentage of foreign ownership last year to 20%, while seeking to increase this percentage to 40% in a timely manner, as this will contribute to supporting the vision and goals of wise leadership in the UAE to make the country the most attractive economic destination for foreign direct investment.

He stated that the bank has increased the number of branches that meet the needs of people of determination, to now cover about half of the bank’s branch network in the country.

Support

In turn, the CEO of Emirates NBD Group, Shane Nelson, said that "the bank succeeded in achieving strong and distinguished results during 2019, where the basic operating profits witnessed a growth of 4%, which compensated for the rise in the costs and size of allocations", stressing that the balance sheet The bank is still maintaining its proper status.

He pointed out that the acquisition of "Denizbank" contributed to supporting the growth of total assets by 37% to reach 683 billion dirhams.

Nelson added that the bank was able to complete the third phase of digital transformation projects within the framework of the allocated budget of one billion dirhams, while it would complete the final stage before the 50th anniversary of the UAE.

350 thousand customers on “Liv.”

“Liv.” The digital banking platform that matches the needs of the millennial generation has achieved a record performance, as it has a client base of 350,000 customers, said Vice President and Managing Director of Emirates NBD Group, Hisham Abdullah Al Qasim.

Al-Qasim added: “Our goal during the year 2020 is to crystallize the technological improvements we are making, and to convert them understandably and quickly into smooth and innovative financial services for our clients.”

683

Billion dirhams assets of «Emirates NBD».