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Emirates NBD Eyes 10pc Revenue Growth this Year
DUBAI - Emirates NBD, the largest banking group in the Middle East in terms of assets, expects to post a 10 per cent growth in its revenue this year, a top official of the bank said on Tuesday.
“We are projecting a net growth of 10 per cent in advances and for revenue growth a similar range is expected,” Sanjay Uppal, Group Chief Financial Officer of Emirates NBD told Khaleej Times.
During 2009, Uppal said, the bank will focus on profitability, growth, liquidity, capital and risk management.
Regarding the maturing of $1.6 billion in bank debt, he said this amount was small compared to the bank’s balance sheet and would be repaid by third or fourth quarter of this year.
“The bank has already paid $500 million in January and $170 million February,” Uppal said. Emirates NBD has $76 billion in total assets.
“We are comfortable with our resources, which are a mixture of customer deposits and access to regional and international lenders,” he added. Emirates NBD recently announced a seven per cent fall in its annual profit for 2008 from the previous year. Its net income fell to $1 billion, as demand for loans decreased.
Uppal said the Dubai government’s $20 billion bond programme is a positive step and would provide the emirate with access to liquidity for its ongoing projects.
Regarding the tight liquidity in the market, he said its mixed of both reduction in supply and demand in many areas.
“The tight liquidity situation in the current environment is a global economic phenomenon. In the UAE, the advances-to-deposits ratio is not as high compared to other parts of the world,” he said.
Efforts by the Central Bank and the federal government “should help ease the liquidity situation,” he said.Emirates NBD, listed at the Dubai Financial Market, closed 1.6 per cent lower to Dh3.4 on Tuesday.
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