Emirates NBD achieves a net profit of 5.64 billion dirhams

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Economy

Within 9 months

Al Ain News Agencies
Emirates NBD announced, on Tuesday, a net profit of about 5.64 billion dirhams during the first nine months of 2020.

According to the data announced on the Dubai Financial Market website, net interest income increased by 21% during the first nine months of the current year compared to the same period of the previous year, and unfunded income grew by 9% compared to the same period of the previous year with the addition of Denizbank’s financial results for the current year.

During the period, the liquidity coverage ratio reached 161.7% and the loans to deposits ratio was 96.6%, which indicates the correct position of liquidity, while the first tier ratio of common stocks reached 15.6%, which is 7% higher than the minimum requirements.

“Emirates NBD managed to achieve net profits of 5.6 billion dirhams for the first nine months of 2020 and to maintain the strength of its balance sheet,” said Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group.

He explained: “The rational government of the United Arab Emirates continues to take decisive measures to protect the health of the country’s population by following clear, targeted and thoughtful guidelines to reopen the economy, while continuing to accord safety the top priority.”

He added, “The comprehensive economic support plan launched by the Central Bank of the United Arab Emirates has played a major role in supporting and supporting customers and banks at the current stage in order to avoid the occurrence of a credit default at a later time.”

He said that we are proud that Emirates NBD is helping clients affected by the Covid-19 pandemic, in addition to its active role in supporting community initiatives.

He pointed out that the bank’s financial results reflect a recovery in economic activity during the third quarter, and that the bank’s balance sheet is still strong, which will enable it to rely on it to help drive economic growth. We are grateful to the UAE’s wise leadership for its support and assistance during these exceptional times and circumstances.

“Despite the exceptional and unprecedented circumstances that individuals and companies have faced over the past six months, the bank has continued to generate profits and maintain its balance sheet strength,” said Shane Nelson, Group CEO, Emirates NBD.

He added, “We were able to harness this strength to support our customers affected by the repercussions of the Covid-19 pandemic, in order to avoid any future credit default. In conjunction with the gradual opening of economic activities, we are still continuing to provide support to more than 98,000 customers by postponing interest payments. The original amount is worth about 6.6 billion dirhams, for periods of up to 6 months. ”

He explained, “We remain ready to provide support again if needed. The health and safety of our customers and employees always remains our top priority. In conjunction with the reopening of our branches and offices, we continue to maintain the implementation of additional cleaning and sterilization protocols, as well as conduct training sessions on precautionary measures for our employees. On the front lines, during the year, we witnessed an increase in the number of customers taking advantage of the advantages of using our digital banking channels as a safe and convenient way to manage and complete their banking transactions.

On his part, Patrick Sullivan, Group Chief Financial Officer, said: “Operating profit of 6.1 billion dirhams for the first nine months of 2020 was flexible given the challenging operating environment conditions. Net interest income decreased during 2020 due to lower interest rates, but in return. Unfunded income improved in the third quarter of 2020 due to the recovery in the volume of commercial activity, especially in the wake of the severe instability in the second quarter of 2020. The cost-to-income ratio has improved to return to the target levels, as a result of previous measures taken by the administration Response to declining income. ”





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