Emirates NBD Announces First Quarter 2018 Results #Dubai - Dubai City Guide
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Emirates NBD Announces First Quarter 2018 Results
(22 April 2018)

 

Emirates NBD (DFM: EmiratesNBD), a leading bank in the region, delivered a strong set of results with net profit up 27% y-o-y and 10% q-o-q to AED 2.4 billion. The solid operating performance was underpinned by higher net interest income on the back of loan growth and improved margins, and a lower cost of risk. The Bank’s balance sheet continues to strengthen with further improvements in credit quality, coupled with solid liquidity and capital ratios.

Financial Highlights – Q1 2018

Net profit of AED 2.4 billion, up 27% y-o-y
Total Income of AED 4.1 billion improved 13% y-o-y due to loan growth and the positive impact of recent rate rises
Net Interest Margin improved by 17 bps to 2.68% in Q1-18 from 2.51% in Q4-17, helped by rate rises and stable funding costs
Total assets at AED 475.6 billion, up 1% from end 2017
Customer loans at AED 311.4 billion, up 2% from end 2017
Customer deposits at AED 331.9 billion, up 2% from end 2017
Impaired Loan ratio improved to 6.0% whilst Coverage ratio strengthened to 127.9%
Liquidity Coverage Ratio of 152.9% and AD ratio of 93.8% demonstrates healthy liquidity position
Common Equity Tier 1 Ratio at 15.5%, Tier 1 Ratio at 19.0% and Capital Adequacy Ratio at 20.3%

Commenting on the Group’s performance, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: “I am delighted that Emirates NBD has delivered another record net profit this quarter. Emirates NBD is ranked the UAE’s most valuable banking brand for the second consecutive year, and 71st worldwide, by The Banker. As the region’s leader in digital banking, we rolled out several initiatives this year, including the Group’s first Innovation Month, aligned to the UAE Innovation Month initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai. We also introduced self-service banking initiatives for People of Determination, as we drive financial inclusion for everyone in the UAE. As a homegrown bank, we remain committed to contribute to the communities we serve and are proud to dedicate our 2018 CSR activities to the Year of Zayed to honour the legacy of our nation’s founding father.”
Group Chief Executive Officer, Shayne Nelson said: “Emirates NBD delivered a strong set of results in the first quarter of 2018. Net profit increased by 27% to reach a record quarter high of AED 2.4 billion, underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk. The Group’s balance sheet remain strong with solid liquidity and capital ratios and a further strengthening in credit quality. We continued to expand the Bank’s international presence and opened a new branch in Jeddah last month and we are in the process of opening two further branches in the Kingdom of Saudi Arabia. We are well positioned to utilise our strong franchise, digital capabilities and financial strength to take advantage of growth opportunities within the region.”

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