The UAE’s two biggest banks both showed strong growth in profit in the first quarter, according to their financial statements, which where released on Wednesday.
Emirates NBD reported a 4 per cent increase in net profits, totalling Dh1.87 billion for the quarter, while the National Bank of Abu Dhabi saw new profits jump 12.4 per cent to Dh2.9 billion in its first financial statement since the merger of NBAD with First Gulf Bank.
NBAD’s results where on a pro-forma basis. The merger was effective at the beginning of April, so the results reflect a combination of the finances of each bank in the first quarter.
The bank’s revenues rose 8.5 per cent to reach Dh5.2 billion on the bank of “healthy business volumes and investment gains,” NBAD said.
On track
“As the largest bank in the UAE and one of the world’s largest and strongest financial institutions, we are firmly on track to move forward and pursue growth opportunities across the UAE, Middle East and North Africa, and beyond,” said Abdul Hamid Saeed, group chief executive officer of the merged bank.
For Emirates NBD, total income for the quarter amounted to Dh3.61 billion; an increase of 4 per cent compared with Dh3.46 billion in the preceding quarter.
The bank’s Group Chief Executive Officer Shayne Nelson attributed the results to “a control on expenses and an improved cost of risk”.