Dubai – Mubasher: Emirates NBD on Wednesday reported a 20% year-on-year increase in profits for the full year of 2018.
Dubai’s largest lender achieved a net profit of AED 10.04 billion last year, compared to AED 8.34 billion in 2017, according to a statement to the Dubai Financial Market (DFM).
Year-on-year, total income amounted to AED 17.40 billion in 2018, up from AED 15.45 billion.
Assets rose 6% to AED 500.3 billion by the end of 2018, while customer deposits levelled up 7% to AED 347.9 billion.
Commenting on the 2018 performance, Emirates NBD’s chief executive officer Shayne Nelson said the bank “delivered a record performance in 2018 as net profit increased by 20% underpinned by higher income and a lower cost of risk. Margins widened 35 bps in 2018 as rate rises flowed through to the loan book which more than offset a rise in funding costs.”
