Dh9 billion profit in 9 months: Dubai's Emirates NBD bank reports 51% rise in net profit

Net interest income surged 37 per cent on an 'improved loan & deposit mix' due to higher interest 'feeding through to margins' and 'strong new lending growth'

By Reuters

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Published: Thu 27 Oct 2022, 1:48 PM

Emirates NBD, Dubai's biggest bank, reported on Thursday a 51 per cent rise in net profit in the third quarter on higher income, including net interest income and from transactions.

Emirates NBD made net profit of Dh3.8 billion in the quarter from Dh2.5 billion in the third quarter of 2021.

EFG Hermes estimated net profit of Dh3.14 billion.

In its corporate and institutional banking division, net profit was up 1 per cent "on lower impairment allowances and higher fee income as increased equity capital market activity offset lower debt capital market volumes."

Emirates NBD has won a lead spot on all state-led Dubai initial public offerings this year, boosting its fees and reviving a long-dormant business.

Net interest income surged 37 per cent on an "improved loan & deposit mix" due to higher interest "feeding through to margins" and "strong new lending growth," ENBD said.

Net interest margins rose to 3.57 per cent in the quarter from 2.65 per cent a year earlier and 3.09% in the second quarter.

Total assets rose 1 per cent from the previous quarter to Dh721 billion. Its non-performing loans ratio fell to 5.8 per cent from 6.1 per cent in the previous quarter. Liquidity coverage fell to a ratio of 152.2 per cent from 154.8 per cent in the second quarter.


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