Emirates NBD announced strong financial results for the first quarter of this year, which culminated in a 3% increase in net profit compared to the previous quarter to reach AED 2.1 billion.
Net interest income increased by 45% compared to the same period last year, while non-interest income witnessed a growth of 48% compared to the same period of 2019 with the acquisition of "Denizbank".
According to a statement issued today, the bank's net profit decreased by 24% compared to the same period last year due to the increase in the provisions for impairment provisions, while the group's balance sheet continues to maintain its strong position, good liquidity rates, credit quality and capital ratios.
While credit quality was stable in the first quarter of 2020, the Group raised provisions for impairment to cover phases 1 and 2 to acknowledge the possible decline in credit quality during subsequent quarters and the result of the Kouruna pandemic.
"Emirates NBD managed to achieve a net profit of 2.1 billion dirhams for the first quarter of 2020 and enhance its balance sheet," said Hisham Abdullah Al Qasim, Vice Chairman and Managing Director of the Emirates NBD Group.
He added: "In light of the unprecedented challenges facing the global economy and the banking sector as a result of the pandemic (Covid-19), we continue to provide our full support to the efforts made by the government of the United Arab Emirates and the Central Bank to take precautionary measures that are unprecedented and that have been implemented in the implementation of preventive measures to protect health And the safety of the country's population, and to provide a comprehensive economic support plan to support customers. "