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Emirates NBD reports Dhs1.87b profits
April 20, 2017
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DUBAI: Emirates NBD on Wednesday reported Dhs1.87 billion net profits for the first quarter of 2017 up 4 per cent year on year.

The operating performance was helped by a control on expenses and lower provisions.

“Emirates NBD made an encouraging start to the year with a 4 per cent growth in net profit and further strengthened its balance sheet, with improvements in credit quality and liquidity, coupled with strong capital ratios,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD.

Total income for the quarter amounted to Dhs3.6 billion; an increase of 4 per cent compared with the preceding quarter.

Net interest income improved 1 per cent over the preceding quarter due to loan growth coupled with an improvement in margins. During the quarter, the impaired loan ratio improved by 0.1 per cent to 6.3 per cent.

The impairment charge in the first quarter of Dhs639 million is 23 per cent lower than in the same quarter last year as the net cost of risk improved. This net provision includes Dhs364 million of write-backs and recoveries, and together helped boost the coverage ratio to 122.5 per cent.

Loans increased by 2 per cent and deposits grew by 3 per cent during the quarter. The advances to deposits ratio remains comfortably within management’s target range at 92.5 per cent.

In the first quarter the bank raised Dhs3.3 billion of term funding through private placements and term funding represents 10 per cent of total liabilities.

Meanwhile, Emirates Islamic Bank also reported a net profit of Dhs221 million for the first quarter of 2017 compared to Dhs45 million for the same period last year.

Total income for the first quarter of 2017 grew by 4 per cent to Dhs601 million as compared to Dhs579 million in the last quarter of 2016.

“Emirates Islamic has reported strong results in the first quarter of the year, with a significant five-fold increase in net profit compared to the same period last year. The positive results are driven by higher income, an 18 per cent improvement in expenses and a 49 per cent improvement in impairments allowances,” said Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic Bank.WAM

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