Emirates NBD net profit up 44% to Dh14.5 billion in 2019

Filed on January 27, 2020 | Last updated on January 27, 2020 at 05.39 pm
emirates nbd, Sheikh Ahmed bin Saeed Al Maktoum, financial results

Net interest income increased 26 per cent.

Emirates NBD has announced that it delivered a strong set of results with net profit up 44 per cent year-on-year to Dh14.5 billion in 2019.

According to a press statement issued by the bank on Monday, net interest income increased 26 per cent due to loan growth and non-interest income grew 38 per cent due to higher foreign exchange and credit card related income. Core operating profit grew 4 per cent y-o-y helped by the inclusion of DenizBank.

The statement added that the bank's balance sheet remains strong with healthy liquidity and stable credit quality. The common equity tier 1 ratio settled at 15.3 per cent following a successful rights issue in November 2019.

Commenting on the bank's performance, Sheikh Ahmed bin Saeed Al Maktoum, chairman, Emirates NBD, said, "2019 was a momentous year for Emirates NBD leading to a strong net profit. The underlying performance, coupled with strategic initiatives, helped Emirates NBD generate significant shareholder value. The outstanding success of the Rights Issue underlines the confidence of local and international investors in the Bank's business model and promising outlook. As the official banking partner of Expo 2020 Dubai, we are excited and honoured to be associated with the World's Greatest Show and look forward to creating a strong social and economic legacy. In 2019, we dedicated our corporate social activities to the 'Year of Tolerance' through continuous efforts to support People of Determination.

"As 2020 marks the 'Year of Getting Ready for the UAE's 50th Anniversary', we will channel our efforts to help design the future for the generations to come in the next fifty years."

Hesham Abdulla Al Qassim, vice chairman and managing director, Emirates NBD, commented, "Emirates NBD delivered a strong set of results in 2019, achieving a record net profit of Dh14.5 billion and total assets in excess of Dh683 billion. 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. In 2019 the bank raised its foreign ownership limit to 20 per cent and signalled its intention to further increase the limit to 40% in due course."


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