Loans and advances reached AED 13,426 million, six per cent above the corresponding
Total assets reached AED 24,536 million, an increase of five per cent over the corresponding
This explains the 13 per cent drop in net liquidity between
Shareholders' equity at the end of the first quarter stood at AED 4,243 million, seven per cent above the balance for the corresponding period of 2013. However, it declined by three per cent when compared to the
Net interest income declined by 12 per cent compared to the corresponding period of 2013, mostly driven by the overall decline in market interest rates, and the fact that the high liquidity held by the Bank is placed in money market instruments generating negligible yields. However, net operating income increased by four per cent to reach AED 134 million as a result of the increase in non-interest income.
The impairment charge on financial assets for the first quarter of 2014 declined by 32 per cent, as a result of the improved economic environment and the overall performance of the credit portfolio.
All the above led to the 13 per cent increase in net profit for Q1 2014 reaching AED 79 million, against AED 70 million for the same period of 2013. As a result, earnings per share for the period were up by 26 per cent and reached 3.4 fils compared to 2.7 fils in 2013.
Commenting on the results Mr.
He added: "2014 will reaffirm the importance of the Bank's business ?model as a corporate and investment bank whose resilience against external ?financial instability sources has allowed it to move beyond the financial crisis and lay the groundwork for sustainable growth."
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