The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
The National Bank of Abu Dhabi and First Gulf Bank reported AED2.93 billion in net profits for the 1st quarter of 2017, a 12.4 percent growth from AED 2.60 billion over the same period last year.
The positive results are attributed to a robust operational
performance and increasing investments yields in addition to a successful risk mitigation and cost optimisation policy, said Abdul Hamid Saeed, who has been appointed NBAD Group CEO, after the merger of the two banks that has led to the creation of the region’s largest banking entity.
“After the merger, the First Abu Dhabi Bank, is forging ahead with its strategic objectives with a higher level of confidence thanks to the solid foundation the bank is based on. The distinguished results achieved by the end of the first quarter of 2017 are a new testament to the success of the merging process,†he added.
Several successes have been made since the merger has materialised , especially that the new bank has combined the best potential, resources and capabilities of the two banks and optimally utilised the strengths that used to be boasted by them, which ultimately served the best interests of our shareholders, clients and staffs, he added.
Emirates NBD posts
AED1.87bn profits
Emirates NBD on Wednesday reported AED1.87bn net profits for first quarter of 2017 up 4 percent year on year. The operating performance was helped by a control on expenses and lower provisions.
“Emirates NBD made an encouraging start to the year with a 4 percent growth in net profit and further strengthened its balance sheet, with improvements in credit quality and liquidity, coupled with strong capital ratios,†said Hesham Abdulla Al Qassim, Vice Chairman and MD of Emirates NBD. Total income for the quarter amounted to AED3.6 billion; an increase of 4 percent compared with the preceding quarter. Net interest income improved 1% over preceding quarter due to loan growth coupled with an improvement in margins.
Emirates Islamic Bank
reports AED 221mn gains
Emirates Islamic Bank, reported on Wednesday a net profit of AED221 million for the first quarter of 2017 compared to AED45 million for the same period last year. Total income for the first quarter of 2017 grew by 4 percent to AED601 million as compared to AED579 million in the last quarter of 2016.
The bank’s total assets were at AED 60 billion at the close of Q1, up 1.3% from year end 2016. Financing and investing receivables and customer deposits remained flat at AED36 billion and AED41 billion, respectively, as compared to end of fourth quarter of 2016.