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Emirates NBD (DFM: EmiratesNBD), the leading bank in the region, today announced its results for the
quarter ended 31 March 2014.
Results Highlights
Net profit for Q1 2014 of AED 1.0 billion, up 25% from Q1 2013 and up 55% from Q4 2013
Total income of AED 3.3 billion, up 27% from Q1 2013 and up 5% from Q4 2013
Pre-impairment Operating profit of AED 2.3 billion, up 34% from Q1 2013 and up 18% from Q4 2013
Total assets up 1% at AED 347.1 billion compared with AED 342.1 billion at the end of 2013
Customer loans at AED 239.7 billion, up 1% from AED 238.3 billion at the end of 2013
Customer deposits at AED 251.5 billion, up 5% from AED 239.6 billion at the end of 2013
Headline Advances to Deposits (AD) ratio improved to 95.3% from 99.5% at the end of 2013
Capital adequacy ratio at a healthy level of 19.2% and Tier 1 ratio at 15.0%
Group Chief Executive Officer, Emirates NBD, Shayne Nelson, said:
“I am delighted that, in my first full quarter with the Group, we have delivered a strong set of financial results
with a net profit of AED 1,042 million, up 25% in comparison with the same quarter in the previous year. This
is driven by continued growth in total income which grew 27% year-on-year helped by loan growth and an
increase in fee income. The Bank is well positioned to capitalise on our strong franchise and capital base
and to take advantage of further expected improvements in the economic environment of Dubai and the
UAE.”
Group Chief Financial Officer, Emirates NBD, Surya Subramanian, said:
The operating performance for the first quarter of 2014 has strengthened, as demonstrated by the growth in
both the total income and pre-provision operating profit. In Q1 2014, pre-impairment operating profit grew by
34% over the comparable period in 2013. Costs continued to be proactively managed and, despite
competitive pressures, margins were maintained helped by a change in asset mix and improving funding
base.
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