Emirates NBD has posted net income for the 12
months to 31 December of AED2.3bn ($626.2m), down 30% from the year
ago period.

Net interest income fell by 8% year-on-year to
AED6.8bn while non-interest income of AED2.9bn was down by 13%;
total revenue declined by 10% in fiscal 2010 to AED9.72bn.

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Increased deposit funding costs contributed to a
29 basis points decline in Emirates’ net interest margin to
2.52%.

Income at Emirates’ retail focused Consumer and
Wealth Management division declined by 2% year-on-year to
AED3.32bn.

Emirates NBD’s branch network, the largest across
the Emirates, increased by 3 outlets during 2010, ending the year
with 105 branches.

Group highlights in fiscal 2010 included:

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  • A 150 basis point reduction in Emirates NBD’s cost-income ratio
    from 32.9% to 31.4%;
  • Emirates’ loans to deposit ratio improved from 118% in fiscal
    2009 to 99%; total lending fell by 8% to AED197.1bn while deposits
    increased by 10% to AED200bn;
  • Impairment allowances declined by 4% to AED3.19bn;
  • Operating expenses fall by 14% to AED3.05bn, and
  • Capital ratios remained strong. Emirates’ Capital Adequacy
    Ratio of 20.1% was up 140 basis points while its Tier 1 Ratio was
    12.8%, up from 11.9%.

Emirates NBD’s CEO, Rick Pudner, said:

“While the operating environment during 2010 has
remained challenging, we have delivered a robust financial
performance.

“During the year we have achieved significant
success in positioning the bank for future growth opportunities
through an improved funding and liquidity position, strengthened
capitalisation, enhanced risk management capabilities and increased
operating efficiency.”