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Emirates NBD 9M net profit soars by 51%

Emirates NBD 9M net profit soars by 51%
Emirates NBD
EMIRATESNBD
0.87% 17.40 0.15
Emirates NBD announced its financial results for the first nine months and third quarter of 2014 in its statement to the Dubai Financial Market (DFM) and NASDAQ Dubai.

The Bank reported a growth its net profit in the first nine months of 2014 by 51% in to AED 3.913 billion; while Q3-14 results showed a net profit of AED 1.56 billion against AED 775 million during Q3-13, registering a Q-o-Q leap by 101.5%.
Strong operating performance was supported by all parts of the business delivering year-on-year revenue growth, the statement revealed, adding that strong economic growth in Dubai small and medium enterprises (SMEs) and trade finance drive recovery contributed to the strong financials.

Emirates NBD Asset Management delivered a new milestone when Assets Under Management passed the AED 10 billion mark. Furthermore, the Bank continues to lead digital banking innovation with the launch of the electronic initial public offering (e-IPO) platform.

Total income for the first nine months of 2014 rose by 25% to AED 10.89 billion, while non-interest income leaped by 39% boosted by increased income from trade finance, foreign exchange and brokerage, as well as asset management business, added to gains from the sale of investments and property, Emirates NBD, the UAE’s largest bank by total income and branch network, highlighted.

Commenting on the Bank’s strong financials for Q3-14, Emirates NBD CEO Shayne Nelson stated “It is very pleasing that each part of the business was able to deliver year-on-year revenue growth. The balance sheet continues to strengthen as we see a significant improvement in the capital ratios, the Impaired Loan ratio and coverage ratios.”

“I am confident that the Bank will continue to deliver excellent service to our customers and superior value to our shareholders,” he concluded.