For immediate release
Emirates NBD Announces First Quarter 2012
Results
Strong Operating Performance
Total Income of AED 2.7 billion; Net Profit of AED 641
million
Dubai, 25 April 2012
Emirates NBD (DFM: EmiratesNBD), the leading bank in
the region, today announced its results for the quarter ended
31 March 2012.
Results Highlights
-
Q1 2012 net profit of AED 641 million compared with
AED 152 million in Q4 2011 and AED 1,413 million in Q1
2011
-
Total income of AED 2.7 billion, up 8% from Q4 2011
and up 19% from Q1 2011
-
Operating profit before impairment allowances of AED
1.7 billion, up 19% and 20% from Q4 2011 and Q1 2011
respectively
-
Moderate increase in impaired loans ratio during the
first quarter of 2012 of 0.3% in line with
expectations
-
Total assets up 4% at AED 296.7 billion compared to
AED 284.6 billion at the end of 2011
-
Customer loans at AED 204.1 billion, broadly stable
relative to AED 203.1 billion at the end of 2011
-
Customer deposits at AED 208.5 billion, up 8% from
AED 193.3 billion at the previous year-end
-
Headline loan to deposit ratio improved to 98% from
105% at the end of 2011
-
Capital adequacy ratio stable at extremely healthy
level of 19.1%
Commenting on the Group's performance, Emirates
NBD's Chief Executive Officer, Mr. Rick Pudner, said:
"During the first quarter of 2012 we have continued to
deliver stable and robust financial results, reflecting the
strength of our business model and cementing our position as
the region's leading banking group. Whilst uncertainties
and challenges remain in the global economic environment, we
remain confident about the strength and capabilities of
Emirates NBD to continue to realise more success and our
ability to capitalise on value-adding opportunities for
our shareholders."
Emirates NBD's Chief Financial Officer, Mr. Surya
Subramanian, said: "The operating performance for the
first quarter of 2012 has been particularly strong as
evidenced by the acceleration of top-line growth while at the
same time showing improved operating efficiency relative to
the previous quarter. The Bank has also continued to optimise
its balance sheet during the quarter through its focus on
growth in stable low-cost deposits and the issuance of
more than AED 7 billion in medium term
liabilities."
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