Emirates NBD has reported a net profit of AED2.38bn ($649.6m) for the first quarter of 2018, a jump of 27% compared to AED1.87bn ($509.9m) in the previous year.

The bank attributed the rise in net profit to asset growth, higher margins and reduced provisions.

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The banking group’s total income for the quarter ended 31 March 2018 was AED4.1bn, up 13% from AED3.61bn in the same period last year.

Compared to the previous year, non-interest income dipped 1% to AED1.12bn and net interest income soared 20% to AED2.98bn.

The bank’s capital adequacy ratio, common equity tier 1 ratio, and tier 1 ratio at the end of March 2018 were 20.3%, 15.5%, and 19%, respectively.

The banking group’s Retail Banking & Wealth Management (RBWM) arm posted a total income of AED1.79bn for the first quarter of 2018, a rise of 7% compared to the corresponding quarter of 2017, driven by growth in net interest income from liabilities.

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The bank said Private Banking registered a strong performance in the quarter due to increased investment trading activity and an improved business mix.

Emirates NBD group CEO Shayne Nelson said: “Emirates NBD delivered a strong set of results in the first quarter of 2018. Net profit increased by 27% to reach a record quarter high of AED2.4bn, underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk. The Group’s balance sheet remain strong with solid liquidity and capital ratios and a further strengthening in credit quality.”