UAE-based Emirates NBD, a leading bank in the region, has posted a net profit of Dh7.1 billion ($1.93 billion) for 2015, up 39 per cent from the previous year.

Total income stood at Dh15.2 billion, up 5 per cent compared with the prior year, while total assets increased 12 percent to Dh287.2 billion during the year.

Speaking at the bank’s ninth Annual General Meeting (AGM) at the bank’s headquarters in Dubai, UAE, Emirates NBD chairman Sheikh Ahmed Bin Saeed Al Maktoum said: “The UAE private sector economy has remained resilient in 2015, and with new projects being planned, from theme parks, hotels and infrastructure in the run up to Expo 2020, we can anticipate further healthy growth.”

“The visionary leadership of the UAE government has introduced and implemented several initiatives, which will ensure sustainable growth in the UAE and reinforce its position as a major economic power in the region. In addition, our prudent and responsive monetary policy will hold us in good stead for continued growth and development.”

“Asset growth, an increase in income, a control on expenses and a significant improvement in the cost of risk have all contributed to our strong operating performance, with total income growing 5 per cent to Dh15.2 billion. Despite a more challenging year for regional liquidity, the Bank’s balance sheet remains strong due to further improvements in credit quality, strong structural liquidity and robust capital ratios,” he added.

“Our retail banking and wealth management business has grown from strength to strength, with fee income growing 12 per cent during 2015, driven by an increase in foreign exchange remittance and the credit card business,” said Sheikh Ahmed.

“We have invested in technology to offer customers a new paradigm in retail banking, in terms of accessible banking solutions as well as an enhanced customer experience. We have strengthened and expanded our footprint in 2015 with private banking showing strong growth in its core segments across the Gulf countries and the Global South Asian segment.

“Wholesale banking continues to upgrade its transaction banking systems and improve levels of straight through processing. In Global Markets & Treasury, system upgrades will support the bank’s recent significant enhancement in product capability. Moreover, we have successfully completed the integration of the Egypt business onto Emirates NBD’s systems platform, which will enable us to expand our presence further,” he added.

The AGM passed a resolution to approve distribution of 40 per cent cash dividend (40 fils per share) for 2015. – TradeArabia News Service