Emirates NBD, Dubai's biggest lender by assets, reported a 51 per cent surge in third-quarter net profit on higher revenue and lower provisioning, while net interest income soared.
Net profit for the three months to the end of September climbed to about Dh3.8 billion ($1.03bn), the lender said in a statement on Thursday to the Dubai Financial Market, where its shares are traded.
The results beat the estimates of EFG Hermes and analysts polled by Bloomberg.
Net interest income surged 37 per cent to more than Dh6bn ($1.67bn) in the three-month period, compared with the same period a year earlier.
Emirates NBD's total operating income before impairments for the July-September period climbed 62 per cent to Dh6.8bn, compared with the same period last year.
“Emirates NBD delivered strong results … on increased transaction volumes and higher margins from an efficient funding base and higher interest rates,” said group chief executive Shayne Nelson.
“These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth.”
Mena economies are set to expand at their fastest pace since 2016, with oil-exporting countries in the region benefitting from high hydrocarbon prices, according to the World Bank.
GCC economies are projected to grow 6.9 per cent in 2022, driven by high oil prices, as well as higher growth rates in non-oil sectors, the lender said in a report earlier this month.
Developing oil exporters are forecast to grow at lower levels, expanding at 4.1 per cent this year and slowing to 2.7 per cent in 2023.
Emirates NBD's net profit for the first nine months of the year climbed 25 per cent on an annual basis to Dh9.1bn, as net interest income soared 23 per cent to more than Dh15.5bn from the same period a year earlier.
Provisions for loan losses during the nine-month period fell 12 per cent, year on year, to Dh3.3bn.
International operations provided diversification and growth opportunities, contributing 40 per cent of total income, while new lending increased substantially in both the retail and corporate segments, the bank said.
Liquidity in the UAE banking sector remains healthy, buttressed by high oil prices, said Patrick Sullivan, Emirates NBD's group chief financial officer.
In 2022, the bank grew the current account and savings account deposits by Dh18bn, despite rising interest rates, enabling the group to benefit from interest rate increases, Mr Sullivan said.
“We expect to finish the year with margins at the top end of guidance and cost of risk within guidance,” he said.
“The diversified balance sheet, solid capital base and strong operating profitability are core strengths of the group.”
The view from The National
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
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1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
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Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Engine: 2-litre turbocharged
Power: 254hp
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
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