Dubai : Emirates NBD on Monday reported a net profit of Dh3.3 billion, up 27 per cent from 2012, with its operating profit surging 20 per cent to Dh2.9 billion. The bank's total income for 2013 amounted to Dh11.85 billion, an increase of 16 per cent compared with Dh10.21 billion in 2012. For the fourth quarter of the year, the bank reported a net profit of Dh673 million, up 8 per cent compared to Dh626 million the same quarter in 2012. "As a leading bank in the region, we are well placed to take advantage of future growth opportunities in Dubai , the UAE and the Gulf region. In light of the good performance by the bank, we are proposing to maintain the cash dividend at 25 per cent per share," Shaikh Ahmad Bin Saeed Al Maktoum , chairman, Emirates NBD, said. Net interest income for the year improved by 18 per cent to Dh8.13 billion from Dh6.91 billion in 2012. The improvement in net interest income is attributable to a combination of year-on-year loan growth, an improvement in the net interest margin helped by a more efficient capital and funding structure, a higher growth in consumer lending and the positive impact of declining Emirates interbank offered rate (Eibor) on loan spreads, the bank said in a statement. Rise in property-related income Non-interest income improved by 12 per cent to Dh3.71 billion in 2013, driven primarily by an increase in both core banking fee and property-related income. "As the bank witnessed growth across multiple revenue streams, particularly in the Islamic franchise and retail business, it continued to innovate and deliver a superior customer experience. This, combined with our healthy levels of capitalisation and an improving business mix, positions the bank to reap the benefits of revenue growth opportunities," Shayne Nelson , group CEO of Emirates NBD, said. Customer loans in 2013 (including Islamic financing) amounted to Dh238.3 billion, an increase of 9 per cent from the end of 2012. The bank's customer deposits surged 12 per cent to Dh239.6 billion in 2013. The advances to deposits ratio was at 99.5 per cent at the year end. The bank's total capital adequacy ratio and Tier 1 capital ratio were 19.6 per cent and 15.3 per cent respectively at the close of 2013.
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