Emirates NBD announces first half 2013 results

Emirates NBD today announced its half year results for the period ended 30th June 2013, showing a net profit of AED1.81 billion, up 40%compared with AED1.29 billion in H1 2012. According to a bank announcement, total income also increased to AED5.55 billion, up 7% from H1 last year. The Operating profit before impairments was AED3.64 billion, up 10% from H1 2012. Similarly, net impairment loss on financial assets amounted to AED1.88 billion, improved by 8% compared with H12012 while total assets rose 9% at AED334.8 billion. Customer loans were at AED231.8 billion, up 6% compared with 2012. Customer deposits were at AED230.4 billion, up 8% compared with 2012. Emirates NBD's Chief Executive Officer, Rick Pudner, said, "During the first half of 2013, we have once again delivered a robust set of financial results with net profit for the period up by 40% compared to the same period in 2012. This is a reflection of positive momentum in the UAE economy which has continued to be resilient despite the continued uncertain global economic climate. The growth momentum in our retail and Islamic franchises has evidently gained pace. During the period, we have also successfully completed the acquisition of BNP Paribas (BNPP) Egypt." Emirates NBD's Chief Financial Officer, Surya Subramanian, said, "The operating performance during the first half of 2013 has been strong, supported by topline growth and effective management of net interest margins. Pre-impairment operating profits increased by 10% compared to the same period in 2012. The Bank has continued to optimize its balance sheet through the increase of Tier 1 capital by AED3.67 billion and Tier 2 capital by AED2.9 billion. The bank has also repaid AED7.8 billion of Ministry of Finance Deposits received in 2008."