Financial Results
Private Banking Arm Of Emirates NBD Grows Across All Regions; Parent Reports Big Profit Surge
The private banking arm of Emirates NBD logged growth across all segments in the United Arab Emirates, Saudi Arabia, Singapore and the UK, the bank reported, as it set out results for the fourth quarter of last year as well as for the whole of 2014.
The private banking arm of Emirates NBD logged growth across all segments in the United Arab Emirates, Saudi Arabia, Singapore and the UK, the bank reported, as it set out results for the fourth quarter of last year as well as for the whole of 2014.
Separately, Emirates NBD Asset Management now has more than AED10 billion ($2.72 billion) of assets under management, the bank said yesterday in a statement.
The retail banking and wealth management division continued to “perform strongly in 2014, growing at a faster rate than the market in key product groups,” the bank said.
Revenues in this division rose by 8 per cent on the year before, to stand at AED5.621 billion last year. Commission and fee income became a “major source” of revenue for this business unit, the bank said, and now accounts for a third of all income.
Deposits grew 12 per cent in 2014 to reach AED113.5 billion, strengthening the bank’s market-leading position in the UAE, it said.
For the banking group as a whole, it said it logged a net profit of AED5.1 billion, a year-on-year rise of 58 per cent.
Total income for the year 2014 grew by 22 per cent to AED14.4 billion.
