Total income reached 18.3 billion dirhams
5.6 billion dirhams net profit of Emirates NBD in 9 months
Emirates NBD’s total assets have increased 1% since the end of 2019 to 692 billion dirhams.
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Hisham Abdullah Al-Qassem: “The bank’s financial results reflect the recovery in economic activity during the third quarter.”
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Emirates NBD reported a net profit of 5.6 billion dirhams for the first nine months of 2020. Net interest income increased by 21% compared to the same period last year, and unfunded income grew by 9% compared to the same period last year. Denzbank's financial results for the year.
The bank confirmed in a statement, yesterday, that net profits decreased by 55% compared to the same period of the previous year, as a result of higher fees for impairment provisions and profits resulting from the exit of a stake in "Network International", which did not recur in 2020. With the exception of profits resulting from Deal «Network International» In 2019, net profit fell by 30%.
Balance sheet
The Group's balance sheet continues to maintain its healthy position, with stable credit quality along with strong liquidity ratios and capital ratios.
The Group also continued to raise provisions for impairment to cover Phases 1 and 2 in light of the challenging economic climate.
Total income reached 18.3 billion dirhams, an increase of 18% compared to the same period of the previous year, as a result of the growth of loans including Denizbank.
Total assets
He pointed out that total assets have increased by 1% since the end of 2019 to reach 692 billion dirhams, and customer loans have increased by 1% since the end of 2019 to reach 442 billion dirhams.
While customer deposits decreased by 3% since the end of 2019, to reach 458 billion dirhams.
The Impaired Loan ratio increased to 6%, while the coverage ratio remained strong at 119.6%.
The liquidity coverage ratio was 161.7% and the loans to deposits ratio was 96.6%, which indicates a healthy liquidity position.
Net profit
Hisham Abdullah Al Qassem, Vice Chairman and Managing Director of Emirates NBD Group, said: “Emirates NBD managed to achieve a net profit of 5.6 billion dirhams for the first nine months of 2020, and to maintain the strength of its balance sheet.
The rational UAE government continues to take decisive measures to protect the health of the country's population by following clear, targeted and thoughtful guidelines to reopen the economy, while continuing to accord safety the top priority.
He added, "The comprehensive economic support plan launched by the Central Bank has played a major role in supporting and supporting clients and banks at the current stage, in order to avoid a credit default at a later time."
Al-Qassim added, "In turn, the bank’s financial results reflect the recovery in economic activity during the third quarter, and the bank’s balance sheet is still strong, which will enable it to rely on it to help drive economic growth."
Emirates NBD Group CEO, Shane Nelson said: “Despite the exceptional and unprecedented circumstances that individuals and companies have faced over the past six months, Emirates NBD has continued to generate profits and maintain the strength of its balance sheet.
We have been able to harness this strength to support our clients affected by the repercussions of the (Covid-19) pandemic, in order to avoid any future credit default.
In conjunction with the gradual opening of economic activities, we continue to provide support to more than 98,000 customers by postponing interest payments and the principal amount of about 6.6 billion dirhams for periods of up to six months.
“Operating profit of 6.1 billion dirhams for the first nine months of 2020 was resilient given the challenging operating environment,” said Group Chief Financial Officer, Patrick Sullivan.
Net interest income also decreased during the current year, as a result of lower interest rates, but on the other hand the unfunded income improved in the third quarter of this year due to the recovery in the volume of commercial activity, especially in the wake of the severe instability in the second quarter of 2020.
1.6 billion dirhams total income for Emirates Islamic
Emirates Islamic announced its financial results for the period ending on September 30, 2020. Total income for the bank was 1.6 billion dirhams, down by 23% compared to the same period of the previous year.
The bank continued to increase the amount of impairment provisions, in light of the difficult economic conditions and the challenges that caused the bank to record a net loss of 311 million dirhams for the first nine months of 2020. Emirates Islamic’s balance sheet continues to maintain its sound position supported by strong coverage and good rates. Liquidity and capital adequacy ratio.
The CEO of Emirates Islamic, Salah Muhammad Amin, said: “Our results for the first nine months of 2020 were affected by the exceptional and unprecedented challenges that we faced as a result of the (Covid-19) pandemic, and these results reflect our conservative and cautious approach under the current circumstances.
In conjunction with the reopening of economic activities, especially in the wake of severe instability in the second quarter, we are witnessing strong growth in business activities. ”
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