International Finance

Emirates NBD’s net profit reaches Dh7.48 bn as the bank grows globally

The bank’s total net profit for the first six months increased 49 percent year-on-year

Emirates NBD’s net profit reached Dh7.48 billion for the first half of the year. The UAE bank’s net profit increased 49 percent year-on-year, media reports said. Emirates NBD is one of the largest banks in the Middle East in terms of assets. 

The group’s CEO Shayne Nelson said that the bank’s balance sheet shows continuous improvement in liquidity and the common equity Tier 1 ratio and stable credit quality. The total income for the first six months of the year reached Dh9.52 billion. The figure is an increase of 13 percent compared with the bank’s Dh8.45 billion income last year. 

Media reports said that Emirates NBD’s net profit results also comprise a gain from a disposal of stake in Network International for Dh2.1 billion. The bank’s core operating profit rose 8 percent year-on-year owing to robust asset growth and a higher fee income. The total interest income rose by 10 percent compared to the previous year, while total non-interest income increased 20 percent because of strong foreign exchange growth and investment banking income.

Its impaired loan ratio remained at 5.9 percent during the first half of the year, local media reported.  Hesham Abdullah Al Qassim, Vice-Chairman and Managing Director, said, “The group continues to make progress on international growth. Emirates NBD is honoured to have been given permission to open 20 more branches in Saudi Arabia. The bank has opened additional branches in Egypt and all regulatory approvals for the group’s acquisition in Turkey have been granted.”

Earlier this month, Turkey’s competition authority granted approval for the bank to take over 11 subsidiaries of Denizbank. Denizbank is Turkey’s fifth-largest bank in terms of assets. 

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