Strong operating performance reflecting improvement in economic conditions
Emirates NBD's half-year profit rises 17% to 4.8 billion dirhams
Emirates NBD recorded a 6% decrease in costs.
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Hisham Abdullah Al Qassim: "The strong results for the first half demonstrate the financial flexibility that the group enjoys, and the feasibility of its diversified business approach."
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Emirates NBD revealed that its net profit increased by 17% during the first half of this year, to reach 4.8 billion dirhams, as a result of effective cost control measures and a significant decrease in the cost of risks.
financial results
The financial results for the first half of 2021 showed a strong operational performance as a result of the high volume of transactions, which reflects the improvement in economic conditions, and the total income increased by 9% compared to the previous half year.
The bank recorded a decrease in costs by 6%, compared to the same period of the previous year, to reach 3.8 billion dirhams, and provisions for impairments decreased by 38% compared to the same period of the previous year.
profits and assets
The financial results showed an increase in net profits by 17%, compared to the same period of the previous year, to reach 4.8 billion dirhams, as a result of the improvement in economic conditions.
In turn, total assets remained stable during the first half at 694 billion dirhams, while maintaining a strong asset base, and dealer loans amounted to 438 billion dirhams, with a record quarter in terms of growth in demand for personal loans, credit cards and mortgage financing.
The deposit mix witnessed the highest level ever for current and savings accounts balances, which rose by 25 billion dirhams.
financial flexibility
Vice Chairman and Managing Director of Emirates NBD Group, Hisham Abdullah Al Qassim, said that the strong results for the first half demonstrate the group's financial flexibility and the feasibility of its diversified business approach.
He added, "The UAE economy is still open thanks to the speed and success of the vaccination program launched by our government, and the country continues to maintain its position as a safe and attractive destination for residents and visitors."
In turn, the group's CEO, Shane Nelson, said that the group has expanded its network of branches in Saudi Arabia, to reach seven branches, with the opening of its third branch in Riyadh.
deferred payments
Emirates NBD stressed the continuation of providing support to its customers, and adapting to their constantly changing needs and options, pointing out that it provided its support to more than 120,000 customers at a value of 10.7 billion dirhams.
He explained that the deferred payments of 6.8 billion dirhams reflect the successful efforts made by the group to mitigate the financial impact on dealers, resulting from the "Covid-19" pandemic.
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