Dubai’s biggest bank expands in Saudi Arabia

Emirates NBD, Dubai’s largest bank, is ramping up its business in Saudi Arabia after publishing a sparkling set of first quarter figures.
Profits at the bank were underpinned by higher net interest income on the back of solid loan growth.
The bank reported that its balance sheet had continued to strengthen with further improvements in credit quality, coupled with solid liquidity and capital ratios.
Net profit was up 27 percent year-on-year (10 percent quarter-on-quarter) at 2.39 billion dirhams ($651 million). Total Income of 4.1 billion dirhams improved 13 percent year-on-year due to both loan growth and the positive impact of recent rate rises.
CEO Shayne Nelson said: “We continued to expand the bank’s international presence and opened a new branch in Jeddah last month and we are in the process of opening two further branches in the Kingdom of Saudi Arabia.
“We are well positioned to utilize our strong franchise, digital capabilities and financial strength to take advantage of growth opportunities within the region.”
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by total assets, also reported resilient profitability. Net profit increased 16 percent to 1.21 billion dirhams. Total income increased to 2.69 billion dirhams, up 13 percent, said DIB.
Chairman Mohammed Ibrahim Al-Shaibani, said: “The overall macroeconomic environment continues to recover, with bright prospects on the horizon for 2018, based on further improvement in global oil prices and pick up in investment activity as a result of mega projects leading up to the Expo 2020.”
Emirates Islamic Bank (EIB) recorded net profit of 209 million dirhams, up 2 percent quarter-on-quarter, but year-on-year, the numbers were down 6 percent.

Dubai’s biggest bank expands in Saudi Arabia