Dubai banking major Emirates NBD, reported net profits of AED 2.7bn ($735mn), an 18% jump YoY and its highest quarterly figure since 2019. Total income stood at AED 6.4bn ($1.7bn), up 3% YoY with international operations contributing 37% of it – this was thanks to the profitability of Turkish private bank DenizBank that Emirates NBD acquired in 2018, despite the depreciation in the Lira. Impairment allowances/provisions fell sharply by 20% to AED 1.4bn ($380mn) on the post-pandemic recovery, while higher interest rates boosted its net interest rate margin by 14bp YoY to 2.6%. On the negative side, NPL ratio rose 30bp YoY to 6.4%. Its CET1 ratio stood at 15%, down 60bp YoY.

Emirates NBD’s USD 4.25% Perp was marginally lower, down 0.15 points to 95.95, yielding 5.21%.

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