Emirates NBD has announced results for the half year ended 30 June 2009. It has reported that the operating profit before impairment allowances was up 26% to AED 3.7 billion in H1 2009 versus H1 2008; net profit for the first half of 2009 of AED 2.1 billion down 20% versus H1 2008 (AED 2.6 billion) due to prudent credit impairment allowances.
H1 2009 total income up 18% to AED 5.5 billion compared to AED 4.7 billion for H1 2008; total assets stable at 30 June 2009 of AED 281.9 billion compared to AED 282.4 billion at the end of 2008; customer loans grew 4% to AED 216.6 billion from AED 208.9 billion at the end of 2008; customer deposits increased 5% to AED 170.5 billion from AED 162.3 billion at the end of 2008; capitalisation strengthened with Capital Adequacy Ratio of 19.0% (11.4% at 31 December 2008) and Tier 1 ratio of 12.1% (9.4% at 31 December 2008); core cost to income ratio improved to 34.6% for H1 2009 through continued cost management (H1 2008: 36.7%).
Ahmed Humaid Al Tayer, His Excellency, Chairman of Emirates NBD said: “Whilst the first half of the year overall witnessed signs of improving market and economic conditions, we continue to move forward in our strategy and prudent approach. Emirates NBD’s core business remains strong and the success of the merger is more pronounced than ever in the current climate, providing greater resilience and the ability to capitalise on value-adding opportunities for our shareholders.”
Rick Pudner, CEO of Emirates NBD, said: “We have seen revenue growth this half driven primarily by the broad-based strength of our businesses, as well as cost efficiencies resulting from ongoing rationalisation and the integration process.”
