One of the largest banking groups in the Middle East Emirates NBD recorded a 44 per cent rise in 2019 net profit as it benefited from loan growth and higher credit card-related income.
Full-year profits were at Dh14.5 billion, up from the Dh10 billion in 2018. The increase came as net interest income jumped 34 per cent year-on-year and fee and commission income grew 38 per cent.
The hike in net interest income was because of loan growth, while non-interest income rose because of higher foreign exchange and credit card income. In 2019 Emirates NBD gave Dh437 billion in loans and benefited from its loan growth.
In July 2019 bank completed the acquisition of one of Turkey’s largest banks, Denizbank, after getting essential approvals.
“In 2019, the bank raised its foreign ownership limit to 20 per cent and signaled its intention to further increase the limit to 40 per cent in due course,” he said. “This supports the vision and goals of the country’s leadership to make the UAE the region’s most attractive economy for foreign direct investment.” Said Hesham Abdulla Al Qassim, vice-chairman and managing director of Emirates NBD.