Cairo – Masaader News
Emirates NBD Egypt; a major subsidiary of the Emirates NBD Group has delivered a solid set of financial results in the third quarter of 2017, with net profit up 13% to EGP 847.50 million for the first nine months of 2017 compared to the same period last year.
Total revenues increased 41% to EGP 2.4 billion through interest margin improvements, combined with growth in loans, as well as in fees and commissions. The bank also maintained a solid operating performance despite increased operating costs arising from external market challenges.
Emirates NBD Egypt’s balance sheet continued to strengthen with 18% growth in the first nine months of the year. This was underpinned by capital improvements driving loans growth, in addition to 10% deposits growth.
Financial Highlights
.
- Net profit of EGP 847.50 million, up 13% y-o-y
- Total revenues grew by 41%, reaching EGP 2.4 billion
- Net Interest Income increased 40%, reaching EGP 1.86 billion
- Net Fees and Commission reached EGP 416.23 million, up 42%
- Total assets grew by 18%, reaching EGP 51.59 billion
- Client net loans increased by 5%, reaching EGP 19.23 billion
- Client deposits increased by 10%, reaching EGP 38.06 billion
- Costs grew by EGP 318.49 million, due to challenges in the external market
- Capital Adequacy Ratio reached 16.16% (with Q3 2017 profit) for 2017 compared to 13.43% in December 2016.
Giel-Jan M. Van Der Tol, Chief Executive Officer, Emirates NBD Egypt said: “I am pleased that Emirates NBD Egypt has delivered a solid result in the first nine months of 2017, with our net profit up 13% to EGP 847.50 million. We have maintained our long-term commitment to driving growth through strategic investments that deliver ongoing revenue and balance sheet expansion. That commitment now continues in the final quarter of 2017, with our most recent example being the successful launch of our strategic partnership with FC Barcelona, including a range of co-branded cards. Combined with Emirates NBD Egypt’s healthy capital position, and stringent cost and risk management, we are now well positioned for growth. This is aligned with our long-term goal of becoming a leading private sector bank in Egypt.”
Emirates NBD Egypt is a fully owned subsidiary of the Emirates NBD Group; a leading banking Group in the region. As at 30th September 2017, the Emirates NBD Group’s total assets were AED 461.1 billion. Emirates NBD Egypt currently has 2,100 staff and 66 branches, and is the largest subsidiary outside the Emirates NBD Group’s home-country of the United Arab Emirates (UAE). In addition to the UAE and Egypt, the Emirates NBD Group has international operations in the Kingdom of Saudi Arabia, Singapore, the United Kingdom and India, and representative offices in China and Indonesia.
Focus Keywords
#Dubai Masaader News #UAE #Egypt #NBD #Stock Markets Masaader News #Business Masaader News