ENBD 2011 net profit up 6% at Dhs2.5b

Emirates NBD (ENBD), on Wednesday announced its results for the year ended Dec.31, 2011 showing a net profit of Dhs2.5 billion, up 6 per cent compared to previous year. The earnings per Share for the year up by 9 per cent to Dhs0.41, encouraging revenue trends during the year. Net interest income also gone up by 7 per cent as compared to 2010. Core fee income grew 7 per cent. The year witnessed significant pro-active and precautionary de-risking of the balance sheet and Portfolio impairment allowances increased by Dhs1.6 billion taking the total allowance to Dhs3.8 billion or 2.54 per cent of credit Risk Weighted Assets. More conservative stance on recognition of impaired loans and provisioning to ensure Emirates NBD is strongly positioned for the future. Book value of investment in Union Properties reduced further by Dhs750 million, Customer loans at Dhs203.1 billion, up 4 per cent compared with the end of 2010. Customer deposits at Dhs193.3 billion compared with Dhs200.0 billion at the previous year-end and Capital adequacy ratio further strengthened to an extremely healthy level of 20.5 per cent. Commenting on the Group’s performance, Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD said: “These financial results reflect a positive and strong operational performance and demonstrate the strength and resilience of Emirates NBD.