Emirates NBD FY2019 net profit rises by 44% year-over-year to AED14.5bn ($3.95bn).

In particular, the results are boosted by including the impact of the bank’s acquisition of Network International.

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The full year results are also boosted by a 26% rise in net interest income due to loan growth. Meantime, non-interest income is ahead by 38% underpinned by higher foreign exchange and credit card related income.

On the other hand, impairment charges are up due to lower writebacks and recoveries. And Emirates NBD’s fourth quarter earnings miss analyst forecasts again on higher impairments. In the fourth quarter, Emirates NBD reports a net profit of AED2.02bn. This is down 15% from the year ago quarter: AED2.39bn.

Emirates NBD FY2019: full year highlights

Total income rises by 29% y-o-y to AED22.4bn due to loan growth and higher fee income. Moreover, the bank reports a 7 basis point rise in the net interest margin to 2.89%. Including consolidated results of its acquired Turkish lender DenizBank means that loans and deposits are up sharply.

And the DenizBank deal helped the bank to grow total assets by 37% to AED683bn. Customer loans are ahead by 33% to AED437bn. At the same time, customer deposits increase by 36% y-o-y to AED472bn.

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His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD says: “2019 was a momentous year for Emirates NBD. The underlying performance, coupled with strategic initiatives, helped Emirates NBD generate significant shareholder value. 2020 marks the ‘Year of Getting Ready for the UAE’s 50th Anniversary. We will channel our efforts to help design the future for the generations to come in the next fifty years.”

Emirates NBD FY2019: notable retail, digital banking highlights

Liv, Emirates NBD’s digital bank for millennials achieved another milestone, reaching a base of 350,000 customers in fiscal 2019. 2019 Liv highlights include mobile insurance, international transfers and contactless. The bank also announced the launch of E20, a digital business bank for entrepreneurs and SMEs. Other digital highlights include enabling customers to open accounts instantly via smartphones.

The Bank’s UAE branch footprint evolved with the opening of three new digitally enabled branches. In addition, the bank is opening an additional 20 branches in Saudi Arabia.

The bank’s retail banking and wealth management unit delivered a strong performance in 2019. Income is up by 8% to AED7.97bn. Fee income rises by 5% y-o-y underpinned by cards, loans and FX. In particular, the cards franchise was strengthened by the launch of the Emirates NBD LuLu 247 Mastercard. The bank also revamped its Emirates NBD Marriott Bonvoy credit card.