Emirates NBD, Dubai’s largest lender, predicted higher economic activity in the emirate in 2019, as it reported a 15 percent growth in profit to $735 million in Q1 of 2019. The bank also said that it has started an ‘internal and external’ hunt for a new CFO as current CFO Surya Subramanian has decided to leave the organisation.
Higher oil production and government spending in 2019 underpins the bank’s prediction for higher economic activity and growth this year.
In Q1, the bank’s income rose 15 percent to $1.2 billion. The bank’s core fee income also rose 15 percent. The increase in fee income is due to higher income from foreign exchange and derivatives supported by stable margins. The bank’s operating performance in Q1 2019 was supported by higher net interest income also.
Meanwhile, the bank’s CFO Surya Subramanian has decided to leave after nine years. He said that he seeks to return to Singapore to pursue family interests. Subramanian will hold his position until a replacement is found for an orderly transfer of responsibilities. He was CFO of Standard Chartered in Singapore as well as Royal Bank of Canada in Asia before he joined Emirates NBD as CFO.