Thursday, June 20, 2024

Emirates NBD is set to post a net profit of 9.3 billion dirhams in 2021


Emirates NBD announces 34% growth in net profit for 2021 to reach 9.3 billion dirhams.

According to the financial results for the year 2021, the Bank has recorded strong operational performance due to the improvement in the credit mix due to strong demand for retail financing, availability of solid finance base and significant reduction in cost. Risks.

Total income increased by 3% compared to the same period of the previous year, and total revenue increased by 32% in the fourth quarter of 2021 compared to the same period of 2020.

As a result, net profit rose 34% to AED 9.3 billion compared to the same period last year.

According to the results, total assets fell 2% to 687 billion dirhams due to the impact of foreign exchange conversion, with record performance in terms of personal loans at 2021 when consumer debt was 422 billion dirhams.

In turn, the “deposit mix” saw the highest level for current and savings account balances, rising to 38 billion dirhams in 2021, which put the group in the best position in anticipation of rising interest rates in the future.

The bank said it had supported 131,000 customers worth 10.7 billion dirhams, with deferred payments of 8.2 billion dirhams, “reflecting the Group’s efforts to reduce the financial impact on dealers as a result of the Govt. 19” epidemic.

The bank pointed out that all ratings were confirmed with a “consistent outlook” by international rating agencies such as Fitch, Moody’s and Capital Intelligence.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD Bank, said that Emirates NBD’s profit margin increased by 34% in 2021, indicating the flexibility of its diversified business approach.

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His Highness added: “(Emirates NBD) has been financing the support of various sectors of the real economy, and has resumed economic growth and achieved significant gains with government economic stimulus packages and successful manipulation. Infectious by our visionary leadership.”

His Highness continued, “In light of the group’s strong performance, we propose a 25% increase in cash dividends to reach 50 fils per share.”

Emirates Islamic profit rises to 823 million dirhams

Emirates Islamic net profit increased to 823 million dirhams in 2021. Financial results show that total assets have maintained their position at 65 billion dirhams, while customer deposits stood at 47.3 billion dirhams.

Hisham Abdullah Al Qasim, President of Emirates Islami, Vice President and Managing Director of Emirates NBD Group, said, “Emirates Islamic has consistently maintained good cash flow and strong capital ratios, which has helped increase customer financing by 4%.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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