Hag will hopeful Luke Shaw, Anthony Martial and Lisandro Martinez will return before the season's end
Emirates NBD, Dubai’s largest lender, announced on Thursday its best quarterly profit since 2019, posting an 18 per cent jump to Dh2.7 billion in the 2022 first quarter on the back of “a record quarter for retail lending, deposit growth, and customer transactions.”
The bank said credit quality across the group’s footprint continued to improve with impairment down 20 per cent. “These results build on the economic recovery momentum from 2021.”
The bank said its operating performance rose as the loan and deposit mix improved on “continued record demand for retail financing, an efficient funding base and a substantially lower cost of risk.”
ENBD’s total income rose by 3.0 per cent y-o-y to Dh6.4 billion on an improved loan mix and cheaper deposits with initial signs of higher rates starting to feed through to margins.
Current and saving accounts grew by a record Dh18 billion, further improving funding costs, the bank said in a statement while total assets rose 1.0 per cent to Dh694 billion despite the Turkish lira depreciation. Customer loans grew 1.0 to Dh425 billion while deposit mix increased by Dh18 billion in the quarter.
The bank’s non-performing loan ratio increased marginally by 0.02 per cent to 6.4 per cent during Q1-22 with the coverage ratio strengthening to 128.5 per cent reflecting the Group’s prudent approach to credit provisioning. “Liquidity coverage ratio and 15 per cent common equity tier-1 ratio reflects the group’s solid balance sheet, used to empower customers and create opportunities to prosper,” said the statement.
Hesham Abdulla Al Qassim, the vice-chairman and managing director of ENBD, said an 18 per cent profit jump reflected the strengthening regional economy and the success of the group’s diversified business model. “Emirates NBD is proud of its leading role in the Dewa IPO, delivering customers a fully digital platform from onboarding and subscription through to payment,” he said.
Shayne Nelson, group chief executive officer, said the bank delivered strong results with income growth and lower provisions driving profitability 18 per cent higher y-o-y. “We delivered loan growth in the first quarter of 2022 reflecting the more optimistic economic outlook. We have increased margin guidance in light of rising interest rates.”
Nelson said international operations contributed 37 per cent of total income in Q1-22 and DenizBank’s profitability was stable despite the depreciation in Turkish lira. “These strong results, along with the positive outlook for margins, enable us to invest in our international network and digital capabilities, supporting our next stage of growth.”
Patrick Sullivan, group chief financial officer, said ENBD has maintained good income growth momentum, kept firm control of costs and seen a consistent decline in the cost of risk. “Net interest income grew by 4.0 per cent y-o-y on an improved loan and deposit mix. Casa grew by a record Dh18 billion in the first quarter and the improved funding mix positions us very well for rising interest rates expected throughout 2022.”
— issacjohn@khaleejtimes.com
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