Latest Emirates NBD News
Oct 21, 2021
Emirates NBD announced strong financial results for the third quarter of 2021, bringing net profits at the end of September to 7.3 billion dirhams, a growth rate of 29%, compared to the same period last year, which reflects the bank’s level of great financial flexibility and the success of its diversified business approach. Interest rates remain at record low levels, however core business is still gaining momentum, especially with strong demand for retail loans. The balance sheet gained further support as a result of the improvement in the deposit mix, credit quality, capital and liquidity. Emirates NBD continues to support its customers and partners during the recovery journey from the repercussions of the global pandemic, while continuing to accelerate investment in digital transformation initiatives and its international network to support future growth. Total income increased by 7% over the second quarter of 2021 as a result of improved margins on the back of high demand for retail loans, a more efficient funding base and a higher volume of DenizBank’s contribution. Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, said: “The growth in income and profits for Emirates NBD in the third quarter of 2021 was a clear indication of improving economic conditions in the region, and indicated that the UAE was able to fully reopen the economy.” Thanks to the successful handling of the pandemic by our wise and visionary leadership, it is today in a good position to benefit from the expected growth in the international travel sector. He said: As the official banking partner of Expo 2020 Dubai , the group looks forward to crystallizing our pioneering vision to shape the future of global banking services and highlight promising investment opportunities in the UAE. Emirati talents, and qualifying them to engage in the national workforce efficiently and effectively. origins Provisions for impairment significantly decreased by 42% compared to the same period of the previous year to date, while the cost of risks ended at 106 basis points, which is at the lower end of the range recorded for the pre-pandemic period, and total assets remained stable at 699 billion dirhams while maintaining Strong asset base. The group was the largest lender in the UAE, with customer loans reaching 438 billion dirhams in the third quarter of 2021 with a record performance during the quarter in terms of growth in demand for personal loans and credit cards. The deposit mix witnessed the highest level ever for current and savings account balances, which increased by 30 billion dirhams year-to-date. Customer Support The bank provided its support to 127,000 customers, with a value of 10.7 billion dirhams. Postpaid payments worth 8 billion reflect the successful efforts made by the group to mitigate the financial impact on customers resulting from the “Covid 19” pandemic.Liv, the digital banking services platform, continues its success in expanding its user base to include its services of about 500,000 customers in the UAE and 80,000 A client in Saudi Arabia. Shane Nelson, Group CEO, said: “The profit jump in the first nine months came after the strong economic recovery contributed to an unprecedented increase in demand for retail loans, stressing that a diversified balance sheet and a strong capital base form a fundamental supportive pillar for the group. We harness this strength.” To support our customers and enable them to benefit from the growing economy with the launch of the “Expo”. This strength is reflected in Moody’s recent affirmation of the bank’s ratings and an improvement in the “stable” outlook, along with the upgrading of Denizbank’s credit rating. He added: The group continues its international expansion by opening additional branches in Saudi Arabia, and obtaining approval to open more branches in India, while achieving strong financial results in Turkey. Income from international operations currently accounts for 36%. high income Patrick Sullivan, Group Chief Financial Officer, said: “The group’s strong set of results has several positive indicators, with total income up 7% in the third quarter on the back of widening margins as a result of an improved loan mix, lower cost of funding and an increase in DenizBank’s contribution. We continue to maintain strict control over expenditures, while our cost-to-income ratio remains within management’s target limits. Follow the economic statement via Google News Print Whats App These were the details of the news 7.3 billion Emirates NBD profits by the end of September for this day. We hope that we have succeeded by giving you the full details and information. 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