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Emirates NBD Posts 5pc Rise; BoS, ADIB Profits Up
DUBAI/ ABU DHABI — Emirates NBD, the country’s biggest bank by assets, expects its annual profit this year will surpass what it earned in 2008, after it announced a five per cent rise in its first-quarter earnings.
Two other banks — Bank of Sharjah and Abu Dhabi Islamic Bank — posted higher first-quarter earnings on Wednesday, while Abu Dhabi-based Union National Bank reported a decrease in its net profit for the same period. Net income for Emirates NBD rose to Dh1.26 billion for the quarter ended March 31 compared to Dh1.19 billion a year ago, the Dubai-based bank said. Its full-year profit should match or exceed last year’s result, said Sanjay Uppal, Emirates NBD’s Chief
Financial Officer.
Chief Executive Officer Rick Pudner said that the bank’s revenue and profit growth in the quarter were driven partly by better cost efficiencies. First-quarter net income for Emirates NBD grew by 20 per cent to Dh2.6 billion from Dh2.2 billion in the same period of 2008, and it increased by 47 per cent over the fourth quarter of last year.
Emirates NBD saw a moderate increase in delinquencies and non-performing loans, but its capital adequacy ratio improved to 16.2 per cent from 11.4 per cent at the end of 2008. This improvement was primarily due to the conversion of the Ministry of Finance’s deposits into Tier Two Capital.
The Bank of Sharjah, one of the UAE’s smallest banks, on Wednesday said its net income for the first quarter jumped by 24 per cent to Dh109 million from Dh88 million for the same period last year. The bank’s net operating income grew by 56 per cent to
Dh179 million.
Bank of Sharjah’s deposits grew by more than 40 per cent to Dh10.11 billion, remaining at the same level as in December in spite of fierce competition, it said.
Abu Dhabi Islamic Bank said its quarterly net profit rose by 9.8 per cent to Dh268 million on the back of strong revenue growth. ADIB’s first-quarter revenue swelled by 22 per cent to Dh578.9 million over the same period in 2008. ADIB increased its credit loss provisioning with total provisions at Dh664.7 million compared to Dh389.3 million last year. The Islamic bank reported growth of 37 per cent in customer deposits in the first quarter.
ADIB Chief Executive Officer Tirad Mahmoud said he was cautiously optimistic in his outlook for the rest of 2009 but was concerned about an increasing credit default rate.
ADIB’s capital adequacy ratio, which was 10.8 per cent in the first quarter, will improve to 19.8 per cent once the bank converts a Sukuk and the federal government’s deposits into Tier-II capital, the bank said.
Abu Dhabi’s Union National Bank posted a first-quarter net profit of Dh303.9 million, down 10 per cent from Dh338.0 million in the comparable
period.
Profitability fell due to contracting net interest income, said M.R. Raghu of the Kuwait Financial Centre,
or Markaz.
Loans and advances showed a marginal decline from the fourth quarter of 2008, reflecting the general slowdown in the economy.
UNB Chief Executive Officer Mohammad Nasr Abdeen said the results were encouraging given difficult market conditions.
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