Emirates NBD Reports 34% Jump in 2021 Profits

Emirates NBD reported a 34% YoY rise in its 2021 profits to AED 9.3bn ($2.5bn). The bank’s total income grew 3% to AED 23.8bn ($6.5bn) with international operations contributing 38% of it in 2021. Provisions for the year fell 26% to AED 5.9bn ($1.6bn), helping benefit the bottom-line. Customer loans stood at AED 422bn ($114.9bn) with a record year for retail financing. However, retail financing was largely offset by a decline in corporate lending due to repayments and the FX translation impact from DenizBank. Shayne Nelson, Emirates NBD Group CEO, said the bank’s funding mix improved through the year with its current account and savings account (CASA) balances growing by AED 38bn ($10.4bn). Its NPL ratio increased by 10bp to 6.3% and its CET1 ratio stood at 15.1%, up 10bp YoY.

Emirates NBD’s dollar bonds were stable with its USD 4.25% Perp at 101.23, yielding 3.98%.

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