Dubai’s banking major Emirates NBD reported a jump in net profits by 12% YoY and 76% QoQ to AED 2.32bn ($630mn). Total income stood at AED 6.16bn ($1.7bn), up 25% QoQ and 10% YoY. Emirates NBD mentioned that all business units delivered higher income as compared to the previous quarter with Sales and Trading delivering a strong performance in the quarter – trading income was up 60% YoY helped by increased contributions from both the Credit and Rates trading. The bank said that provisions reduced 31% YoY to AED 1.76bn ($480mn). Its net interest margins were at 2.46% while non-performing loans ratio improved by 0.1% to 6.1%. The bank’s CET1 Ratio stood at 15.6% vs. 15% at end-2020. “Our profitability and strong capital also enables us to maintain very prudent levels of credit impairment coverage, putting us on a very strong footing,” said Patrick Sullivan, group CFO.
Emirates NBD’s dollar bonds were flat – its 6.125% Perp was at 107.63, yielding 4%.
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