UAE-based lender Emirates NBD has reported a net profit of AED7.1bn ($1.9bn) for the year ended 31 December 2015, a surge of 39% compared with the last year.

The bank’s total income stood at AED15.2bn, an increase of 5% compared to the prior year.

Total assets increased 12% to AED 406.6bn during the period, while customer deposits rose 11% to AED287.2bn.

Sheikh Ahmed Bin Saeed Al Maktoum said: "Our Retail Banking and Wealth Management business has grown from strength to strength, with fee income growing 12% during 2015, driven by an increase in foreign exchange remittance and the credit card business.

"We have invested in technology to offer customers a new paradigm in retail banking, in terms of accessible banking solutions as well as an enhanced customer experience. We have strengthened and expanded our footprint in 2015 with Private Banking showing strong growth in its core segments across the Gulf countries and the Global South Asian segment."

The results were unveiled at the bank’s ninth annual general meeting, where the bank passed a resolution to approve distribution of 40% cash dividend for 2015.

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