|01-19-2015, 05:18 PM||#1|
Emirates NBD posts 82% leap in fourth-quarter profit
Emirates NBD, the largest bank in the United Arab Emirates, reported on Sunday an increase of 82% in fourth-quarter net profit, matching estimates on the back of strong business growth in a booming economy.
ENBD earned AED1.23 billion ($335 million) in the three months to December 31, compared with AED673 million in the corresponding period a year ago. Analysts by Reuters have expected profit of AED1.25 billion.
Non-interest income was up 33% due to higher trade finance income, and income from asset management, foreign exchange, and investment sales.
Non-interest income has been climbing all year as the bank increased its focus on expanding its assets within higher margin retail and Islamic businesses.
The bank’s finances were also boosted by its reclassification of exposure to Dubai World, which has recently been restructuring its debt, as performing.
The reclassification has helped ENBD expand its bad loans coverage ratio to 100.3% at the end of the year.
Dubai World said last week it had received 73% creditor consent for a debt restructuring deal worth $14.6 billion that would involve early repayment of some of its debt and the extension of a 2018 payment to 2022.
Full-year 2014 net income leaped 58% to AED5.14 billion for ENBD.
The bank also proposed a cash dividend for 2014 of AED0.35 per share, compared with AED0.25 in 2013.
ENBD’s earnings, like other banks in Dubai, have seen their performance strengthen remarkably on the back of a resurgent economy.
The revival in the property market and the notable decline in financial-crisis-related debt troubles are helping strengthen the financial system and therefore the results of UAE banks.
Nearly all Dubai banks have witnessed a decline in bad-debt provisions over the course of last year.
Emirates NBD shares rose 2.25% on the Dubai Financial Market on Monday, the second-best performer on the index.
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