Middle East

Emirates NBD Announces Full Year 2018 Results

Emirates NBD delivered a record set of results with net profit up 20% year-on-year to AED 10 billion.

The Bank achieved another milestone as total assets surpassed AED 500 billion for the first time. Net interest income increased 19% year-on-year due to loan growth and an improvement in margins. The operating performance was also supported by a 22% year-on-year improvement in provisions. The Bank’s balance sheet remains healthy with a further strengthening in capital due to retained earnings, stable credit quality and liquidity. These results have enabled the Board of Directors to recommend a 2018 dividend of 40 fils per share.

Commenting on the Group’s performance, Group Chief Executive Officer, Shayne Nelson said “Emirates NBD delivered a record performance in 2018 as net profit increased by 20% underpinned by higher income and a lower cost of risk. Margins widened 35 bps in 2018 as rate rises flowed through to the loan book which more than offset a rise in funding costs. The Group’s balance sheet remains healthy with a further strengthening in capital coupled with strong liquidity and stable credit quality. We made exciting progress in advancing our digital agenda and are pleased to be named The Innovator in the Middle East at the Global Finance 2018 Innovators Awards. As part of the Bank’s efforts to keep delivering new services and products, I am pleased that we have expanded our contactless payment facilities to include Google Pay as well as launching the Emirates NBD Skywards Savings Account and Visa Debit Card, the UAE’s first banking solution to earn Skywards Miles for spends linked to savings. Going forward, I am confident that Emirates NBD will continue to deliver excellent customer service and superior value to our shareholders.