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EBG profits at Dh603m
DUBAI — The Emirates Bank Group recorded a net profit of Dh603 million for the three months ended March on 31, 2006. This represents an increase of 123 per cent over the Dh270 million earned in the same period in 2005.
Earnings per share increased to Dh0.26 compared to Dh0.12 for the same period last year.
Total assets of the Group were Dh147.9 billion at March 31, 2006 — an increase from the December 31, 2005 level of Dh59.3 billion; the increase is largely due to IPO activity.
An amount of Dh86.7 billion was collected on account of IPO share applications. Emirates Bank Group Chairman, Ahmed Humaid Al Tayer said: "The
economy continues to perform strongly and the business environment remains positive. The financial results of the banking sector for the first quarter of 2006 have been influenced by the strong demand for IPO share applications, however core business profitability continues to show significant increases across the Group. Non-interest fee based income, excluding IPO related fees, increased by over 63 per cent during the first quarter of 2006."
Corporate, Retail and Treasury business segments continued to perform strongly during the first quarter of 2006 and the bank continues to expand its ATM network and core operations with three new branches opened in the first quarter of 2006.
Net interest income increased by 51 per cent to Dh 389.6 million from Dh257.5 million for the same period in 2005.
During the first quarter of 2006, Network International LLC has signed agreements with three more financial institutions for third party card processing.
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