Banking & Finance
Dubai’s Biggest Bank Profit Beats Estimates on Interest Income
Emirates NBD PJSC posted a 16 percent increase in third-quarter profit, topping analyst estimates, as the biggest bank in Dubai benefited from higher interest income.
Net income rose to 2.64 billion dirhams ($719 million) from 2.28 billion dirhams, the Dubai government-controlled bank said in a statement. The mean estimate of four analysts was for as a profit of 2.55 billion dirhams, according to data compiled by Bloomberg. Net interest income rose 18 percent to 3.31 billion dirhams.
“The operating performance for the third quarter of 2018 was satisfying as all business segments delivered a year-on-year increase in both operating income and contribution to group profit,” Group Chief Financial Officer Surya Subramanian said. “Margins continued to improve as rate rises flowed through to loan book which more than offset a rise in deposit costs.”
“Any benefit from future rate rises may be limited as we have experienced some migration from current account and savings account to fixed deposits,” he said.
Key details from income statement:
Net interest margin 2.87% vs 2.56%
Cost to income ratio 32.9% vs 32.0%
Total income 4.45 billion vs 3.97 billion
Impairment allowances 353 million vs 431 million
Total assets at 492.6 billion, up 5% from end 2017
Customer loans at 324.7 billion, up 7% from end 2017
Customer deposits at 341.2 billion, up 4% from end 2017
Impaired loan ratio at 5.8%, coverage ratio at 127.4%
Liquidity coverage ratio at 196.5%
Common equity tier 1 ratio at 16.6%; capital adequacy ratio at 21.3%
Link to presentation: https://bit.ly/2De4bVd
Continue Reading
-
Oil & Gas1 month ago
Oman Oil Exports Exceed 135.3m Barrels by End of June 2024
-
Energy2 months ago
VIDEO: Dr. Firas Al-Abduwani Discusses Green Hydrogen, Potential Regions for Development & Creating a Green Ecosystem
-
Hospitality2 months ago
OMRAN Group Achieves RO31.6M Net Profit, 44.6% Revenue Growth
-
Energy2 months ago
Oil Futures Rebounds Over US$1 After 7-Week Low
-
Leaders Speak2 months ago
VIDEO: Discussing The Future of Green Hydrogen in Oman with H.E. Salim Al Aufi
-
Interviews2 months ago
VIDEO: Talking Latest Developments in Aircraft Ground Guidance & More at Oman Airports
-
Technology2 months ago
Celebrating Infoline’s Remarkable 20-Year Journey
-
News2 months ago
Nikkei Closes with Largest Point Drop in History