Dubai’s Emirates NBD H1 2019 net profit surges 49%
Emirates NBD, Dubai’s largest bank, on Wednesday reported a 49 percent rise in first half net profit, on the back of strong balance sheet growth coupled with improving liquidity, Tier 1 capital ratio and stable credit quality.
Net profit rose to AED 7.5 billion, up 49 percent year-on-year (YoY) in H1 while core operating profit rose 8 percent YoY, the bank said in a statement, adding that the results include a gain on disposal of a stake in Network International of AED 2.1 billion.
The lender’s total Income of AED 9.5 billion improved 13 percent YoY due to asset growth and higher fee income, while Net Interest Margin declined 1 basis point YoY to 2.77 percent on expectation of lower interest rate.
Total assets rose 7 percent from end 2018 to AED 537.8 billion, while customer loans stood at at AED 337.7 billion, up 3 percent from end 2018.
The bank’s credit quality ratios remain stable with impaired loan ratio at 5.9 percent and coverage ratio at 125.8 percent.