Dubai – Mubasher: The net profits of Emirates NBD surged by 44% year-on-year (YoY) to AED 14.5 billion during fiscal year 2019, compared to AED 10.04 billion in 2018, according to the bank’s annual financial results for the period ending on 31 December 2019.

The growth in net profits was backed by an increase in net interest income by 26% to AED 16.19 billion in 2019 from AED 12.88 billion in the prior year. The bank’s results, furthermore, included a gain of AED 4.39 billion on the partial disposal of Network International shares and a fair value measurement of the remaining stake.

Meanwhile, total income rose by 29% to AED 22.41 billion from AED 17.40 billion in 2018 due to loan growth and higher fee income.

The bank’s loans and deposits rose by 33% to AED 437 billion and 36% to AED 472 billion, respectively, since the beginning of 2019.

At the same time, total assets stood at AED 683.3 billion, up by 37% in 2019 from AED 500.3 billion in 2018.

Commenting on the bank’s strong performance, the chairman of Emirates NBD, Sheikh Ahmed Bin Saeed Al Maktoum, said: “2019 was a momentous year for Emirates NBD leading to a strong net profit. The underlying performance, coupled with strategic initiatives, helped Emirates NBD generate significant shareholder value.”

Meanwhile, the vice chairman and managing director of Emirates NBD, Hesham Abdulla Al Qassim, referred: “Emirates NBD delivered a strong set of results in 2019, achieving a record net profit of AED 14.5 billion and total assets in excess of AED 683 billion. We are delighted to welcome DenizBank into the Emirates NBD family during 2019, increasing the Bank’s presence to 13 countries, servicing over 14 million customers in the MENAT region.”

It is noteworthy to mention that in the fourth quarter of 2019, the profits of Emirates NBD decreased to AED 2.02 billion from AED 2.39 billion in the same period of 2018.