Leading Dubai based banks, Emirates NBD, Emirates Islamic, Dubai Islamic Bank (DIB) and Mashreq reported strong growth in first half net profits supported by gains in core banking revenues.
Emirates NBD’s first half profits were up 29 per cent to Dh5 billion year on year supported by 20 per cent growth in net interest income. Bank’s operating performance was also supported by a 40 per cent improvement in provisions, according to a bank statement.
“For the first time in the Group’s history, Emirates NBD delivered a half yearly net profit in excess of Dh5 billion underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk,” said Shayne Nelson, Group Chief Executive Officer of Emirates NBD.
Emirates Islamic (EI), an Islamic bank belonging to Emirates NBD group reported a net profit of Dh485 million, up 25 per cent year on year.
DIB continued deliver consistent performance, The bank reported a group net profit of Dh2.44 billion in the first half of 2018, up 14 per cent compared with Dh2.14 billion for the same period in 2017.
“2018, so far is panning out as planned with expansion across all businesses leading to core income growth as the key performance indicators remain aligned with the guidance,” said Dubai Islamic Bank Group Chief Executive Officer, Dr. Adnan Chilean.
Mashreq’s first half 2018 net profits were up 5.2 per cent to Dh1.2 billion compared to Dh1.1 billion in the same period in 2017.
“Our balance sheet shows healthy liquidity and capitalisation metrics, well above the required regulatory standards. Our prudent risk management approach has also resulted in our provisions now covering 179.1 per cent of non-performing loans,” said Abdul Aziz Al Ghurair, CEO of Mashreq.