The strong operating performance for the first half of 2014 was helped by solid revenue growth in both Retail Banking and Wealth Management and its Islamic Banking subsidiary, Emirates Islamic, which has successfully transformed itself to be one of the fastest growing segments within the group.
Net profit for the half year ended
Total assets grew by 2% to AED348.3 billion in the first half of 2014. Customer loans increased by 1% during the first half of 2014 to AED241.8 billion. Customer deposits also increased by 6% to AED252.9 billion over the same period.
The Bank's Advances to Deposits ratio improved to 95.6% from 99.5% at the end of 2013. The Bank's NPL ratio improved further to 13.5% whilst the Tier 1 ratio strengthened to 15.6%. Backed by this stronger liquidity and capital profile, on
Group Chief Executive Officer, Emirates NBD,
Emirates Islamic (EI) continued to show a steady performance with total income increasing by 28% to AED918 million from AED717 million for H1-13. Net financing and investing receivables grew by 4% to AED23.8 billion from the end of 2013. As at
EI growth continued with a net profit of AED226 million compared to AED112 million in H1-13, leveraging its expanded platform to better serve its Retail, SME and Corporate customers.
EI also contributed to an increase in fee income due to higher customer account volumes. EI recently introduced a trading platform for Murabaha in partnership with NASDAQ Dubai. This new initiative is starting to generate fee income.
The Bank's success continued to be recognised across the industry, with EI winning Best Premium Islamic Card and Best Self Employed Finance at the CPI Financial in early 2014.
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