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Emirates NBD has seen its quarterly profits double year-on-year (YoY) to AED 6 billion ($1.633 billion), with income exceeding AED 10 billion for the first time.
The bank said it had had its strongest ever quarter for retail lending, issuing 144,000 new credit cards and AED 8 billion in retail loan disbursements.
Profits grew by 119% YoY and 54% quarter-on-quarter (QoQ)
Income for the quarter was up 64% YoY and up 7% QoQ.
In statements filed to Dubai Financial Market (DFM), the bank said the earnings demonstrated the strength of its diversified business model and the regional economy.
Hesham Abdulla Al Qassim, vice chairman and managing director said: “As a leading bank in the region, we are fully aligned with Dubai’s commitment to continue developing and stimulating entrepreneurship, attracting more foreign investment and consolidating Dubai’s position as a land of opportunity and innovation.”
Group CEO Shayne Nelson said the bank had “recharged its strategy” within its international footprint to deliver future growth.
Emirates Islamic
The bank’s Islamic arm, Emirates Islamic, also said it had seen a record profit of AED 601 million, up 76% YoY, with income up 74% YoY to AED 1.133 billion.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
