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Dubai / WAM
Emirates NBD recorded half-year net profits of AED3.9 billion, up 5 percent on higher net interest income, lower expenses and lower provisions. Net interest income improved 2 percent year-on-year due to loan growth and helped by a recent improvement in margins.
Net interest margin improved since the beginning of the year as loans reset at higher rates and funding costs improved as liquidity conditions eased. The operating performance was also supported by a control on expenses and lower provisions. The Bank’s balance sheet continues to strengthen with further improvements in credit quality and capital, coupled with solid liquidity ratios.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: “It is extremely pleasing to report that Emirates NBD has achieved its highest ever net profit in the first half of 2017. We are honoured to be the Official Banking Partner for Expo 2020 Dubai where we will play a key role in ensuring that banking services at Expo 2020 Dubai are at the forefront of innovation.