Quarterly net income at Emirates NBD, Dubai's largest financial institution, rose 18% as impairment provisions fell sharply, boosted by financial recovery support from the pandemic, while entertainment revenues boosted entertainment revenue net margins.
The bank said in a statement that it had a net profit of 2.7 billion dirhams ($735.17 million) for the period ended March 31, compared with 2.3 billion dirhams for the same period a year ago.
And EFG Hermes research has predicted Emirates NBD to post a net profit of two. Forty-seven billion dirhams.
Impairment provisions decreased 20% to one. Four billion dirhams, reflecting an improvement in the economic environment over the past year following the surprise of the pandemic.
Internet entertainment revenues, the mainstay of the banking sector, rose 4% over the same period in the previous 12 months, helped by growth in Internet interest margins.
It also benefited from lower funding costs, while lending rose 1%, helped by strong retail lending.
The Imperative Bank of the United Arab Emirates hiked interest rates by a quarter of a point for the remainder of the month after the US Federal Reserve's decision launched an economic tightening cycle.
picture
Emirates NBD is also expected to increase interest-free revenue through a series of Dubai's first public services, which began with a key role in the Dubai Water and Power Authority's first public presentation, which raised US$6.1 billion, the largest public initial donation. In the region due to Saudi Aramco's IPO in 2019.
"These strong outcomes, coupled with the tremendous margin expectations, allow us to invest in our international community and virtual capabilities and support the next phase of growth," said the bank's CEO, Shane Nelson. , in the advertising.
No comments:
Post a Comment