Emirates NBD has reported a net profit of AED2.38bn ($649.6m) for the first quarter of 2018, a jump of 27% compared to AED1.87bn ($509.9m) in the previous year.

The bank attributed the rise in net profit to asset growth, higher margins and reduced provisions.

The banking group’s total income for the quarter ended 31 March 2018 was AED4.1bn, up 13% from AED3.61bn in the same period last year.

Compared to the previous year, non-interest income dipped 1% to AED1.12bn and net interest income soared 20% to AED2.98bn.

The bank’s capital adequacy ratio, common equity tier 1 ratio, and tier 1 ratio at the end of March 2018 were 20.3%, 15.5%, and 19%, respectively.

The banking group’s Retail Banking & Wealth Management (RBWM) arm posted a total income of AED1.79bn for the first quarter of 2018, a rise of 7% compared to the corresponding quarter of 2017, driven by growth in net interest income from liabilities.

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The bank said Private Banking registered a strong performance in the quarter due to increased investment trading activity and an improved business mix.

Emirates NBD group CEO Shayne Nelson said: “Emirates NBD delivered a strong set of results in the first quarter of 2018. Net profit increased by 27% to reach a record quarter high of AED2.4bn, underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk. The Group’s balance sheet remain strong with solid liquidity and capital ratios and a further strengthening in credit quality.”