The largest bank in the Middle East
has announced net profit for the first half period of AED2.1
billion ($570.7 million), a fall of 20 percent year-on-year.
Operating profit at Dubai-based Emirates NBD before impairment
allowances was up 26 percent to AED3.7 billion.

Customer loans grew 4 percent to AED216.6
billion, while customer deposits increased 5 percent to AED170.5
billion. While the NPL ratio increased “in line with expectations”
to 1.56 percent from 1.19 percent in Q109, the impairment allowance
on financial assets grew to AED1.61 billion compared to AED512
million in H108.

The bank’s Consumer & Wealth Management
operation saw deposits up 13 percent in the six months. Total
income grew by 10 percent to AED1.57 billion. Emirates NBD’s
distribution network, the largest in the country, grew further in
with the addition of five new branches, taking the total to 99.

Talking about future prospects, the bank said
in a statement: “The largest banking merger the region has ever
witnessed [between Emirates and the National Bank of Dubai] will
complete this year, on target and with synergies ahead of
forecasts. The bank is well positioned to deal with the current
economic climate.”

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