This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Emirates NBD Reports Higher Profits on Lower Provisioning
April 21, 2021
Dubai’s banking major Emirates NBD reported a jump in net profits by 12% YoY and 76% QoQ to AED 2.32bn ($630mn). Total income stood at AED 6.16bn ($1.7bn), up 25% QoQ and 10% YoY. Emirates NBD mentioned that all business units delivered higher income as compared to the previous quarter with Sales and Trading delivering a strong performance in the quarter – trading income was up 60% YoY helped by increased contributions from both the Credit and Rates trading. The bank said that provisions reduced 31% YoY to AED 1.76bn ($480mn). Its net interest margins were at 2.46% while non-performing loans ratio improved by 0.1% to 6.1%. The bank’s CET1 Ratio stood at 15.6% vs. 15% at end-2020. “Our profitability and strong capital also enables us to maintain very prudent levels of credit impairment coverage, putting us on a very strong footing,” said Patrick Sullivan, group CFO.
Emirates NBD’s dollar bonds were flat – its 6.125% Perp was at 107.63, yielding 4%.
For the full story, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.