Dubai lender Emirates NBD posts 17.2% rise in fourth-quarter profit

DUBAI: Emirates NBD, Dubai’s largest lender, posted a 17.2 percent rise in fourth-quarter net profit on Tuesday.
The bank, the first major lender from the UAE to report its earnings during the quarter, made a net profit of Dh2.18 billion in the three months to December 31, a statement from the bank said, compared with Dh1.86 billion in the corresponding period of 2016.
SICO Bahrain forecast the bank to post a net profit of Dh2.23 billion for the quarter, while EFG Hermes expected a profit of Dh1.98 billion.
Full-year profit meanwhile rose 15 percent from 2016 to Dh8.35 billion, which the bank attributed to “asset growth, a control on expenses and reduced provisions.”
Total income for 2017 amounted to Dh15.455 billion, 5 percent higher than the Dh14.748 billion figure reported in 2016.
“2017 marked a successful year for Emirates NBD as we achieved a record annual net profit … As a leading bank in the region and a front-runner in digital banking innovation with a strong balance sheet, we are well placed to take advantage of growth opportunities in our preferred markets. In light of the solid performance by the bank, we are proposing a cash dividend at 40 fils per share,” Sheikh Ahmed Bin Saeed Al Maktoum, the Chairman of Emirates NBD, said in a statement.
Emirate NBD’s group-wide assets rose 5 percent to Dh470.4 billion in 2017; its aggregate loan portfolio also increased a similar percentage to Dh304.1 billion, ditto with total deposits which went up to Dh326.5 billion for the whole year.