Emirates NBD Retail Banking & Wealth Management (RBWM) arm posted a total income of AED3.93bn ($1.07bn) for the first half of 2019.
This is an increase of 8% from last year’s figure. The rise is said to be due to growth in net interest income from liabilities.
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The unit also reported a 13% rise in the sourcing of affluent ‘Priority Banking’ and emerging affluent ‘Personal Banking Beyond’ customers.
As for Private Banking, performance during the first half was set to be “robust”.
Emirates NBD group highlights
Overall, the Emirates NBD banking group reported a net profit of AED7.48bn for the first half of 2019, a 49% surge from AED5.02bn last year.
“The results include a gain on disposal of a stake in Network International of AED 2.1 billion. Total income at the group,” the bank said.
Non-interest income soared 20% to AED2.67bn from AED2.22bn, while net interest income increased 10% year-on-year to AED6.85bn.
The bank’s capital adequacy ratio, common equity tier 1 ratio, and tier 1 ratio at the end of June 2019 were 21.5%, 17.4%, and 20.4%, respectively.
Emirates NBD group CFO Surya Subramanian said: “The operating performance for the first half of 2019 was pleasing as all business units delivered income growth.”
“Net interest income grew by 10% in the first half, compared to the previous year, helped by 13% asset growth. Fee income advanced 20% due to strong growth in foreign exchange and investment banking income.
“Costs were 7% higher compared to the previous year on higher staff costs.”
