Emirates NBD has achieved the highest quarterly profit since 2019. Profit rose 18% to AED 2.7 billion as retail lending, deposit growth and customer transactions hit record highs in the first quarter of 2022.
Credit quality continues to improve throughout the group, with a defect rate of 20%. These results are based on the pace of economic recovery in 2021. Today, given the strength of its profit and balance sheet, the Group is well positioned to anticipate the expected rise in interest rates and continue to invest in its international expansion. Digital skills that support future growth opportunities. Emirates NBD prides itself on playing a key role in the initial public offering of the Dubai Electricity and Water Authority, providing customers with a comprehensive digital platform ranging from registration and writing to payment.
Financial Highlights for the First Quarter 2022
High rate of operational performance with improvement in the combination of loans and deposits, with the continuation of exceptional demand for personal loans, the availability of an effective financing platform and a significant reduction in the cost of risks.
Total income increased by 3% to AED 6.4 billion compared to the same period last year. .
Increase in net interest limit by 15 basis points in light of expected interest rates
Current and savings account balances increased by a record amount of 18 billion dirhams, which led to further improvement in financial expenditure.
Costs are still under control and well controlled, an increase of 5% over the same period last year, increasing key profits and investing in future growth, especially in our international network and digital capabilities
Allocations for the defect decreased significantly by 20% compared to the same period of the previous year, reflecting the improvement in the operating environment
• Net profit as a result increased by 18% compared to the same period last year, reaching AED 2.7 billion, an increase of 36% over the previous quarter.
• Total assets: Despite the depreciation of the Turkish lira, it increased by 1% to 694 billion dirhams.
• Customer loans: 1% increase to 425 billion dirhams, another record performance in personal finance in the first quarter of 2022.
கல Deposit composition: saw the highest level for current and savings account balances, which rose to 18 billion dirhams in the first quarter of 2022, which put the group in the best position in anticipation of rising interest rates.
• Credit rating: The percentage of weak loans increased by 0.02% to 6.4% in the first quarter of 2022, reaching a coverage rate of 128.5%, reflecting the Group’s precautionary approach in formulating credit arrangements.
Capital and Cash Flow: The cash flow coverage ratio of 157.4% and the tier 1 equity ratio of 15.0% reflect the strength of the Group’s balance sheet, which is used to improve customers and create new opportunities for prosperity.
Hisham Abdullah Al Qasim, Vice President and Managing Director of the Emirates NBD Group, said: “Emirates NBD’s profit increased by 18% to AED 2.7 billion compared to the same period last year, reflecting the strength of the regional economic recovery. Emirates NBD is proud of its pioneering role in the initial public offering of the Dubai Electricity and Water Authority.
He added, “Emirates NBD Expo 2020 Dubai is Dubai’s first official partner in the banking sector, affirming the Group’s leadership position in the global banking innovation sector, and introducing the Bank’s vision for the future to the world. Services.We have released our Annual Report on Environment, Community and Corporate Management, which outlines many of our outstanding achievements in the field of environment, community and corporate management by 2021, and we have increased the target percentage of women in senior management. The next five years.
For his part, Group CEO Shane Nelson said: “Emirates NBD has achieved strong results with revenue growth and lower provisions, which led to an 18% increase in profits compared to the same period last year. Reflecting the economic outlook, we have increased our index margin in light of higher interest rates.In the first quarter of 2022, international activity contributed 37% to total revenues and the Bank’s profit remained stable despite the depreciation of the Denis Turkish lira.
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