Mon 20-07-2020 17:41 PM
DUBAI, 20th July, 2020 (WAM) — Emirates NBD, a leading banking group in the region, delivered a net profit of AED 4.1 billion for the first half of 2020.
Net interest income increased 36% y-o-y and non-funded income grew 24% y-o-y with the acquisition of DenizBank in 2019, the bank said in a statement.
Net profit declined 45% y-o-y due to higher impairment charges and the gain on disposal of a stake in Network International not repeated in 2020. Excluding the gain from Network International net profit was down 24 percent, it added.
Total assets at AED 694 billion, up 2 percent from end 2019, and customer loans were at AED 443 billion, up 1 percent from end 2019. Similarly, customer deposits were at AED 461 billion, down 2 percent from end 2019, non-performing loan ratio increased to 5.8 percent and coverage ratio remained strong at 116.9 percent.
Liquidity coverage ratio of 152.5 percent and advances to deposit ratio of 96.1 percent demonstrate a healthy liquidity position, the bank noted, adding that common equity tier 1 ratio strengthened to 15.3 percent, over 7 percent above minimum requirements.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, said, “Emirates NBD delivered a net profit of AED 4.1 billion for the first half of 2020 and maintained a strong balance sheet.”
Commenting on the Group’s performance, Shayne Nelson, Group Chief Executive Officer, said, “Throughout these unprecedented times, we have put the safety and well-being of our customers and staff first. We proactively reached out to our customer base and support has now been provided to approximately one-tenth of our customers primarily through the deferral of over eight billion dirhams of interest and principal for periods of up to six months
WAM/MOHD AAMIR/Tariq alfaham