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Dubai’s Emirates NBD reports 44% profit rise in 2019

Dubai’s Emirates NBD reports 44% profit rise in 2019

Net interest income increased 26 per cent while non-interest income grew 38 per cent

Dubai’s Emirates NBD posted a 44 per cent year-on-year increase in net profits, equalling Dhs14.5bn in 2019, it announced on Monday, January 27.

Net interest income increased 26 per cent due to loan growth, while non-interest income grew 38 per cent due to higher foreign exchange and credit card related income, a statement said.

The bank’s total income, at Dhs22.4bn, represented a rise of 29 per cent year-on-year, while total assets grew 37 per cent to Dhs683bn in 2019.

Meanwhile, customer loans increased 33 per cent to Dhs437bn during 2019.

In 2019, Emirates NBD purchased Turkey’s Denizbank from Russia’s Sberbank for $2.8bn.

Read: Dubai’s Emirates NBD to buy Turkey’s Denizbank for $2.8bn in revised deal

Denizbank contributed Dhs3.64bn to the bank’s total income and posted net profit of Dhs609m for the five months since its acquisition, the statement said.

“We are delighted to welcome Denizbank into the Emirates NBD family during 2019, increasing the bank’s presence to 13 countries, servicing over 14 million customers in the MENAT region,” said Hesham Abdulla Al Qassim, vice chairman and managing director, Emirates NBD.

“In 2019, the bank raised its foreign ownership limit to 20 per cent and signalled its intention to further increase the limit to 40 per cent in due course. Disability friendly access was extended and now covers about half of the bank’s UAE network.”

In Q3 2019, Emirates NBD also launched a new digital bank – E20. – to enable start-ups, sole proprietors, freelancers, fintech firms, and small-to-medium sized companies, among others, to open a bank account and avail services through a mobile app.

Read more: Emirates NBD launches digital bank for entrepreneurs and SMEs

Emirates NBD’s network covers 979 branches in the UAE and overseas. Meanwhile, its operations span across the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, UK and Austria, among others.

Also read: Dubai’s biggest bank Emirates NBD plans $1.76bn rights share sale

 

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