Emirates NBD, Dubai’s biggest lender, reported a 27 per cent rise in first quarter net profit attributed to loan growth and stronger margins.
Net income rose to a “record” Dh2.39 billion ($651 million) in the three months to March 31, compared with Dh1.87bn in the same period of 2017, the bank said in an emailed statement. The results beat five analyst estimates averaging Dh2.17bn, according to Bloomberg.
“Emirates NBD delivered a strong set of results…underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk,” said Shayne Nelson, group chief executive of Emirates NBD. “The group’s balance sheet remains strong with solid liquidity and capital ratios and a further strengthening in credit quality.”
The bank continues to expand its international presence with a new branch opening in Jeddah last month and two further branches set to open in Saudi Arabia, he added. Emirates NBD is also in talks to buy Turkey's DenizBank, the lender said in January.
Total income rose 13 per cent year-on-year to Dh4.1bn, due to loan growth and the positive impact of recent rate rises, the bank said. Its net interest margin widened by 17 basis points (bps) to 2.68 per cent from 2.51 per cent in the fourth quarter of 2017, also helped by rate rises, as well as stable funding costs.
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Impairment charges dropped 31 per cent from the year earlier period to Dh440 million. Customer loans stood at Dh311.4bn, up 2 per cent from the end of 2017, and deposits at Dh331.9bn, up 2 per cent from the end of 2017.
Total assets were up 1 per cent quarter-on-quarter from the end of 2017, to Dh475.6bn, the bank said.
“The operating performance for the first quarter of 2018 was pleasing as we delivered a record quarterly net profit supported by growth in our core business,” said Surya Subramanian, the bank's chief financial officer.
“With CASA [the ratio of deposits in current and savings accounts] representing 57 per cent of deposits, our book is positioned to benefit from expected rate rises. The cost to income ratio, at 31.1 per cent, provides headroom to keep investing for future growth as we further enhance our digital and technology capabilities.”
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
