Emirates NBD releases 2015 results

GMT 13:24 2015 Thursday ,16 July

Arab Today, arab today Emirates NBD releases 2015 results

Emirates NBD
Abu Dhabi - WAM

Emirates NBD yesterday released its financial results for the first half of 2015 showing net profit up 41% to Dh3.3 billion.

The strong operating performance was helped by an increase in both net interest income and non-interest income, a modest increase in costs, and a lower impairment charge.

Total Income for the first half grew by 7% to Dh7.6 billion, and net interest income grew 9% to Dh5 billion due to growth in retail assets and a lower cost of funds. Non-interest income improved by 4% to Dh2.6 billion due to growth in foreign exchange, derivative income and higher asset management fees.

The bank's balance sheet strengthened further, due to improvement in liquidity, capital and credit quality ratios. Liquidity strengthened further as the bank grew its deposit base whilst prudentially issuing Dh8.9 billion of term debt. Capital ratios grew on the back of strong retained profit. The Impaired Loan ratio improved to 7.4% as the bank actively managed its existing stock of impaired loans whilst the Impaired Loan Coverage ratio increased to 109.8%.

Commenting on the group's performance, Hesham Abdulla Al Qassim, Vice Chairman, Emirates NBD, said, "I am very pleased that Emirates NBD is delivering higher profitability whilst continuing to strengthen the balance sheet. In H1 2015, Emirates NBD achieved 41% growth in net profit to Dh3,317 million. The group also delivered further improvements in asset quality, capital and liquidity. The group is well positioned to utilise our strong franchise and balance sheet to take advantage of opportunities within the region."

Total income for the half year ended 30th June 2015 amounted to Dh7,555 million, an increase of 7% compared with Dh7,042 million during the same period in 2014.

Net interest income improved by 9% in H1 2015 to Dh4,982million. The improvement in net interest income is attributable to an improved asset mix due to growth of Islamic and retail assets and a lower cost of funds, helped by CASA, current account, savings account, growth.

Non-interest income for the period improved by 4% to Dh2,573 million, driven by increases in foreign exchange, derivative income and higher asset management fees which was partially offset by lower gains from the sale of properties.

Emirates Islamic continued its impressive performance in H1 2015 by delivering 33% growth in total income, net of customers' share of profit, to Dh1,220 million. Financing and investing receivables grew by 17% to Dh30.5 billion from the end of 2014.

Emirates Islamic aspires to become the leading Islamic bank in the region and its success is evidenced by the 97% growth in net profit to Dh447 million for H1 2015, which exceeds the net profit for the whole of 2014.

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