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.
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.
