The banking group reported Q1 figures, showing that income at the wealth management division improved.

Emirates NBD, the Middle Eastern banking group, said that its retail banking and wealth management arm chalked up a 6 per cent year-on-year rise of AED2.101 billion ($572 million) in total income for the first quarter of 2020.

Net interest income grew, backed by higher volumes and core fee income and aided by increased card and private banking activity. Fee income represented 32 per cent of total income. Operating costs dropped by 4 per cent.

The wealth management division income grew by 7 per cent year-on-year on the back of continued strong customer engagement and superior service. 

Across the group as a whole, Emirates NBD reported a rise in net profit of 3 per cent on the previous quarter to AED2.1 billion; net profit declined by 24 per cent on a year earlier as higher impairment charges took their toll. Net interest income increased by 45 per cent on a year earlier; non-interest income grew by 48 per cent on a year ago. 

The banking group increased impairment allowances in recognition of a potential deterioration in credit quality in subsequent quarters related to the coronavirus pandemic.