A strong set of results has been announced by Emirates NBD in the United Arab Emirates, with a 43% year-on-year rise in net profit last year to a total of Dh14.5bn.
On Monday, the bank issued a press statement that revealed that the balance sheet of the bank is still strong with stable credit quality and healthy liquidity, according to the statement.
After a successful rights issue two months ago back in November 2019, the settled common equity tier ratio 1 proved to be 15.3%.
2019 was a huge year for the bank and resulted in a strong net profit, says the chairman of Emirates NBD, Sheikh Ahmed bin Saeed Al Maktoum.
Strategic initiatives in tandem with the underlying performance helped significant shareholder value to be generated by Emirates NBD.
The outstanding success of the rights issue emphasises the confidence that local and international investors alike have in the business model of Emirates NBD as well as its promising outlook for the future, Al Maktoum believes.
Emirates NBD is Expo 2020 Dubai’s official banking partner, and Al Maktoum says that the bank is honoured and excited about the association and hopes to create a strong economic and social legacy.
Last year, corporate social activities were dedicated to the ‘Year of Tolerance’ via continuous efforts to give support to People of Determination.
The managing director and vice chairman of Emirates NBD, Hesham Abdulla Al Qassim, says that 2019 delivered a strong set of results for the bank, with a record net profit and total assets of more than Dh683bn.
Al Qassim says that the bank was delighted to be able to welcome DenizBank into its family last year, which increases its presence to as many as 13 countries, with more than 14 million customers now being serviced in the MENA region.
Last year also saw the bank raise its foreign ownership limit further to 20%, with the intention of increasing it to as high as 40% in the future.
In total, there was a 26% net interest increase caused by loan growth, while non-interest income increased by as much as 38% due to income related to credit cards and a higher foreign exchange rate.
Core operating profit also rose by 4%, partly due to the inclusion of DenizBank.
Emirates NBD offers a number of different credit cards to its customers.
These cards include the likes of the Emirates NBD Infinite Card, the Emirates NBD Platinum Card, the Emirates NBD Titanium Card, the Emirates NBD DIC Card, the Emirates Gold Card and the Emirates NBD Silver Card.
Other examples of the bank’s credit cards include the Emirates NBD Go4it Platinum Credit Card and the Emirates NBD Go4it Gold Credit Card.
Emirates credit cards offer rewards on both local and international purchases, with Plus Points able to be instantly redeemed at participating partners.
Other redemption methods include cashback, the waiving of annual membership fees, or frequent flyer miles from leading UAE airlines.