Emirates NBD announced that it has achieved strong financial results in the first quarter of this year, increasing the net profit by 15% compared to the same period of the previous year, and by a percentage of 15%, compared to the previous quarter, to reach 2.7 billion dirhams.
According to a statement by the bank, Nama Zoun obtained a copy of it, the basic fee income increased by 15% compared to the same period of the previous year and by 9% compared to the previous quarter as a result Foreign exchange income and derivatives increased.
The bank’s balance sheet continues to maintain its strong position, as it witnessed further improvement in capital ratios, liquidity, and stability in credit quality.
Total income reached 4.7 billion dirhams, up 15% compared to the same period in the previous year, as a result of loan growth, improvement in margins and higher fee income.
Total assets amounted to 525.8 billion dirhams, up 5% from the end of 2018.
The net interest margin improved by 15 basis points compared to the same period in the previous year, to reach the rate of 2.83%, supported by higher interest rates.
Customer loans also increased by 3% compared to the end of 2018 to reach 337.7 billion dirhams.
Customer deposits increased by 3% compared to the end of 2018 to reach 359.4 billion dirhams.
Credit quality remains stable, with a low-value loan ratio of 5.9% and a coverage ratio of 123.9%.
The liquidity coverage ratio was 198.8%, and the loan rate to deposits, which amounted to 94%, indicated the proper liquidity position.
Capital ratios, supported by an improvement in the ratio of the first tier of ordinary shares, improved to 16.8%, the ratio of the first tier to 20.9%, and the capital adequacy ratio reached 22%. < / p>
Hisham Abdullah Al Qasim, Vice Chairman and Managing Director of Emirates NBD Group, said it is our pleasure that Emirates NBD is able to achieve strong and standard returns again. For this quarter, we are also very proud that Emirates NBD was chosen for the title of the most valuable banking brand in the United Arab Emirates, according to the annual ranking of The Banker. Our brand value reflects our strong financial performance as well as Mubadala ...
