emirates nbd announces 2014 results
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

Total Income grew by 22% to Dh14.4bn

Emirates NBD announces 2014 results

Arab Today, arab today

Arab Today, arab today Emirates NBD announces 2014 results

Emirates NBD
Abu Dhabi - Arab Today

Emirates NBD delivered a strong set of financial results with net profits up 58% to Dh5.1 billion in 2014. The strong operating performance was helped by all parts of the business delivering year-on-year revenue growth.
These results have enabled the Board of Directors to recommend an increase in the 2014 dividend to 35 fils from 25 fils per share.
Total Income for the year 2014 grew by 22% to Dh14.4 billion. Net interest income grew 17% to Dh9.5 billion as asset growth was focused on higher margin Retail and Islamic products, whilst the Bank's liability profile improved thanks to current and saving account growth.
Non-interest income grew 33% to Dh4.9 billion boosted by increased income from trade finance, foreign exchange and brokerage and asset management business as well as gains from the sale of property and investments.
The bank's balance sheet strengthened further in 2014 thanks to an improvement in the capital, liquidity and credit quality ratios. The bank's Impaired Loan ratio improved significantly to 7.8% in 2014. This improvement was due to the bank's reclassification of its Dubai World exposure, the writing-off of fully provided retail loans and an increase in recoveries and repayments on the back of an improved economy.
Further conservative provisioning of Dh5.0 billion helped boost the Impaired Loan Coverage ratio to 100.3%, reaching the bank's target coverage level.
The Capital Adequacy ratio improved by 1.5% to 21.1% due to retained profits. The ability of the bank to attract and retain stable deposits helped improve the Advances to Deposit ratio by 4.3% to 95.2%.
Commenting on the Group's performance, Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, said, "2014 was a momentous year for Emirates NBD as we reached a number of key milestones. I would like to thank His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for his vision, guidance and support that have greatly contributed to the success of Emirates NBD and Dubai.
"We are the first bank in the UAE, and for the first time in our 50 year history, to report an annual Operating Profit before Impairment in excess of Dh10 billion. This strong operating profit, coupled with conservative provisioning, has enabled Emirates NBD to reach 100% coverage ratio for impaired loans and successfully put legacy issues behind us. It is particularly pleasing that all the Group's business units delivered a strong performance in 2014. As a leading bank in the region, we are well placed to take advantage of future growth opportunities in Dubai, the UAE and the Gulf region. In light of the strong performance by the bank, we are proposing to increase the cash dividend to 35 fils per share." During 2014, expenses amounted to Dh4,389 million, an increase of 5% over the previous year. The cost to income ratio improved by 5% y-o-y to 30.4%, as improving top line momentum more than offset the increase in costs. Excluding one-offs, the cost to income ratio would have been 31.3%.
In 2014 the Impaired Loan ratio improved to 7.8%. The 2014 impairment charge increased to Dh4,995 million.
Deposits increased by 8% and gross loans grew by 3% during 2014. Gross loans grew by 5% if we exclude the write-off of fully provided for retail loans. The Advances to Deposits Ratio strengthened by 4.3% in 2014 to finish the year at 95.2%, thanks to the bank's on-going ability to attract and retain economical current and saving account deposits.
As at 31st December 2014, the bank's capital adequacy ratio and Tier 1 capital ratios were 21.1% and 18.0% respectively. The 2.7% improvement in the Tier 1 ratio recorded in 2014 is due to retained profit coupled with a US$500 million Tier 1 issue.
Retail Banking & Wealth Management (RBWM) division continued to perform strongly in 2014, growing at a faster rate than the market in key product groups. Revenues grew 8% to reach Dh5,621 million in 2014. Deposits grew 12% in 2014 to reach Dh113.5 billion, strengthening the banks's market leading position in the UAE.
Wholesale Banking (WB) also delivered a strong performance for 2014 with operating income at Dh4.82 billion, up by 8% compared with 2013. Net interest income of Dh3.51 billion was 10% higher for 2014 due to asset growth and yield management.
Emirates Islamic (EI) continued to deliver a healthy performance as total income (net of customers' share of profit) grew by 28% to Dh1.95 billion in 2014. Financing and investing receivables grew by 20% to Dh26.1 billion during the year. The bank continued its expansion of its branch network by opening 6 new branches in 2014.
EI's net profit grew by 161% to Dh364 million for 2014.
Emirates NBD Egypt, for its first full calendar year as an Emirates NBD entity, delivered a robust performance with total revenues grew 16% in 2014 to Dh706 million, while costs remained under control.
With more than 1,500 employees, the bank reached a net profit of Dh232 million. Deposits increased by 16%, while gross loans expanded by 5% during 2014, reaching Dh10.2 billion and Dh3.8 billion, respectively. The integration of Emirates NBD Egypt is well on track, with the Cairo head office and 61 branches across the country having been fully re-branded.
Source: WAM

 

arabstoday
arabstoday

GMT 03:33 2017 Friday ,24 November

Singapore growth beats forecasts

GMT 14:21 2017 Thursday ,23 November

Many' Fed members favor near-term rate hike

GMT 12:59 2017 Thursday ,23 November

'Many' Fed members favor near-term rate

GMT 10:06 2017 Wednesday ,22 November

New Palestinian city rises

GMT 10:16 2017 Tuesday ,21 November

Amsterdam, Paris to host key EU agencies

GMT 14:28 2017 Monday ,20 November

US industry gears up to save NAFTA

GMT 02:56 2017 Saturday ,18 November

Moody's raises India rating, citing reforms

GMT 01:26 2017 Saturday ,18 November

Reports underline proliferation of weapons
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

emirates nbd announces 2014 results emirates nbd announces 2014 results

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

emirates nbd announces 2014 results emirates nbd announces 2014 results

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday