Emirates NBD profit up 15%

Dubai / Emirates Business

Emirates NBD delivered a strong set of results with net profit up 15% to AED 6.17 billion for the first nine months of 2017. Net interest income improved 4% y-o-y due to loan growth and helped by a sustained improvement in margins. The operating performance was
also supported by lower expenses and an
improved cost of risk.
The bank’s balance sheet continues to strengthen with stable credit quality and further improvements in capital and liquidity. Total income for the nine months ended on September 30, 2017 amounted to AED 11,419 million; an increase of 1% compared with AED 11,285 million during the same period in 2016.
Net interest income improved by 4% in Q3-17 YTD to AED 7,991 million due to loan growth and a sustained improvement in margins. Net interest margins improved since
the beginning of the year as loans reset at higher rates coupled with lower funding costs as liquidity conditions eased.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD said: “I am very pleased that Emirates NBD has delivered a strong performance in the first nine months of 2017. Our strong financial and operating performance was recognised when Emirates NBD was named ‘Banking Company of the Year’ by Gulf Business for the second consecutive year. We continue to expand our international presence with our first branch in India which will enable us to better support our customers.”

Emirates Islamic posts AED498 million gain
DUBAI / Emirates Business

Emirates Islamic announced its financial results for the period ending on September 30, 2017. The net profit for 9 months increased four-fold reaching AED498 million compared to AED106 million for the same period last year. The total Income for the first 9 months (net of customers’ share of profit and distribution to Sukuk holders) declined by 6 per cent to AED 1.8 billion compared to the same period last year. This is mainly due to lower one off gains from the sale of
investment properties.
Total assets at AED 59.9 billion, up by 1 per cent from end 2016. Financing and investing receivables at AED 35.3 billion, declined by 3 percent from end 2016.