Highest since 2019
Emirates NBD achieves 5.3 billion dirhams semi-annual profits
The total assets of "Emirates NBD" increased by 3% to 711 billion dirhams.
From the source
Hisham Abdullah Al Qassim: “The increase in the bank’s profits by 42% in the second quarter of 2022, reflects the strength of the regional economic recovery, and the diversified sources of income for the group.”
picture
Emirates NBD announced that it achieved the highest semi-annual profit since 2019. And it stated in a statement that profits for the second quarter of 2022 recorded a record performance, reaching 3.5 billion dirhams, an increase of 42%, compared to the same period last year.
The first half of the year also recorded a record performance in terms of individual loans and customer transactions, accompanied by an improvement in margins, which led to an increase in income by 23% compared to the same period of the previous year.
The bank confirmed that the credit quality across all the group’s sites continues to show improvement, with the rate of impairment falling by 28%, pointing out that these results were based on the momentum of economic recovery that dates back to 2021.
Thanks to its strong profitability and balance sheet, Moody's has upgraded the short- and long-term credit ratings of the group.
operational performance
The financial results for the first half of 2022 showed a high rate of operational performance, which was accompanied by an improvement in the mix of loans and deposits, the continuation of exceptional demand for individual loans, the availability of an effective financing base, and a significant decrease in the cost of risks.
According to the results, the total income increased by 23% compared to the same period of the previous year, reaching 14.2 billion dirhams, while the net profit increased by 11% compared to the same period of the previous year, reaching 5.3 billion dirhams.
Earnings per share increased by 14% to reach 80 fils in the first half of 2022, which represents a basic increase of 57%.
assets and loans
Total assets increased by 3% to reach 711 billion dirhams.
Customer loans also increased by 1% to reach 425 billion dirhams, with record performance in the first half of the year in terms of individual loans and renewed demand for corporate loans.
Current and savings accounts also grew by 10 billion dirhams in the first half of 2022, reflecting the strength of liquidity in the UAE.
recovery power
Vice Chairman and Managing Director of Emirates NBD Group, Hisham Abdullah Al Qassim, said that the bank's profits increased by 42% compared to the same period last year, to reach 3.5 billion dirhams in the second quarter of 2022, reflecting the strength of the regional economic recovery, and sources of income. Diverse group.
He referred to the bank's leading role in the initial public offering of Dubai Electricity and Water Authority and TECOM, as it provided customers with a comprehensive digital platform from registration and subscription to payment of payments, stressing that the bank still adheres to its firm commitment to developing Emirati talent.
international operations
For his part, Group CEO, Shane Nelson, said that the bank achieved strong results, which emerged through an increase in total income by 23% to reach 14.2 billion dirhams, pointing out that international operations contributed 41% of the total income in the first half of 2022.
New loans also rose significantly to reflect a record performance in the first half in terms of individual loans and renewed demand for corporate loans.
In the same context, Patrick Sullivan, Group Chief Financial Officer, said: “We have been able to maintain a healthy growth momentum in income, maintain strict control over expenditures, and have seen a steady decrease in the cost of risk.”
He stressed that a diversified balance sheet, a solid capital base, and strong operating profits are the cornerstones of the group's strength.
The bank recorded a record performance in terms of individual loans and customer transactions.
701 million dirhams, profits of «Emirates Islamic»
Salah Muhammed Amin.
From the source
Emirates Islamic announced that its net profit increased by 23%, to reach 701 million dirhams, for the first half of 2022, due to the increase in funded income and unfunded income, with a significant decrease in the cost of risks, which reflects the improvement in business performance.
The financial results showed an increase in total income by 16% compared to the same period last year, and an increase in costs by 13% compared to the same period last year, as a result of Emirates Islamic's investment in future growth opportunities.
In turn, operating profits increased by 19% compared to the same period of the previous year.
Total assets achieved a strong growth of 14%, reaching AED 74 billion in the first half of 2022, while debt financing activities amounted to AED 47 billion, an increase of 11% over the end of 2021.
Customer deposits amounted to 54 billion dirhams, an increase of 15% over the end of 2021.
Emirates Islamic Chairman Hisham Abdullah Al Qassim said: “Our strong performance gained momentum from higher funded and unfunded income, and higher customer financing, which reflects the positive economic climate in the UAE.
We have also been able to benefit from a significant reduction in the cost of risk thanks to a strong economy.”
Al Qassim affirmed the continued commitment to support the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the global capital of the Islamic economy.
For his part, CEO of "Emirates Islamic", Salah Mohammed Amin, said: "The total assets of (Emirates Islamic) grew by 14% during the first half of 2022, to reach 74 billion dirhams, which reflects our support for the strong economy of the UAE."
He stressed that Emirates Islamic was one of the first Islamic banks to integrate digital innovation in its operations, and its focus on digital transformation projects continues to yield valuable gains in terms of customer loyalty and increasing market share.
Follow our latest local and sports news and the latest political and economic developments via Google news