Emirates NBD 9-month net profit up 34% at Dh2.6b

Dubai: Emirates NBD on Thursday reported a net profit of Dh2.6 billion for the nine months ended September 30, 2013, up 34 per cent compared with Dh1.9 billion in the same period of 2012. Total income of Dh8.7 billion, up 13 per cent from the comparable period in 2012. Operating profit of Dh2.3 billion, up 24 per cent from the first nine months of 2012.

The bank reported moderate improvement in impaired loans ratio during the first nine months of 2013 of 0.2 per cent and an improvement in impaired loan coverage of five per cent during the period.

Total assets up eight per cent at Dh332.3 billion compared with Dh308.3 billion at the end of 2012. Customer loans at Dh234.4 billion, up seven per cent relative to Dh218.2 billion at the end of 2012. Customer deposits at Dh228.6 billion, up seven per cent from Dh213.9 billion at the previous year-end.

Emirates NBD’s Chief Executive Officer, Rick Pudner, said: “During the first nine months of 2013, we have delivered a strong set of financial results with net profit for the period up by 34 per cent compared to the same period in 2012. This is testament to our ability to take advantage of the improving economic backdrop in the UAE, and Dubai in particular, as well as the relentless and successful execution of our strategic agenda. Profitability has been underpinned by a strong 13 per cent increase in revenue as growth momentum, particularly in our retail and Islamic franchises, has continued to gather pace.”