Media ININ Economy We Trust
Dubai 28-10-2019
Emirates NBD reported a net profit of AED 12.5 billion in the first nine months of 2019, a 63% increase over the same period in 2018. These results include AED 4.4 billion in proceeds from the sale of a stake in Network International.
Emirates NBD, listed on the Dubai Financial Market (DFM), said its profits rose to the highest level in more than three years in the third quarter of this year to AED 5 billion compared to AED 2.64 billion in the same quarter of 2018.
The bank attributed the increase in profits to loan growth, fee income and higher margins that helped offset the increase in provisions and operating costs.
Total income for the first nine months of 2019 amounted to AED 15.541 billion, an increase of 20% compared to AED 12.905 billion for the same period in 2018. Net interest income improved by 17 per cent compared to the same period last year, or 8 per cent excluding Denizbank driven by growth. Loans.
Total non-interest income rose 31% year-on-year, or 20% excluding Denizbank, on the back of higher core fees and investment income.
Core fee income increased 26% year-on-year as a result of higher foreign exchange and credit card income.
Hisham Abdulla Al Qasim, Vice Chairman and Managing Director of Emirates NBD Group, said: “ Emirates NBD managed to achieve strong financial performance during the first nine months of 2019.It also successfully completed the acquisition of Denizbank in the third quarter of 2019. This is a record achievement for the Bank as it expands our reach to 13 countries and establishes itself as one of the leading banks in the Middle East, North Africa and Turkey with over 14 million customers.
