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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Emirates NBD Bank PJSC    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK PJSC

(EMIRATESNBD)
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HSBC, Emirates NBD cut jobs in UAE as banks look to reduce costs-sources

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11/14/2019 | 05:38am EST
A man rides a bicycle past Emirates NBD head office in Dubai

HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world's second-biggest economy reduce costs, sources familiar with the move told Reuters.

The job cuts come at a time of weak economic growth, especially in the region's business hub - Dubai - which is suffering from a property downturn.

HSBC's redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.

HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey region.

The cuts at Dubai's largest lender Emirates NBD came in areas such as consumer sales and liabilities, one of the sources said, while a second source played down the significance, citing the bank's 12,000 workforce.

HSBC and Emirates NBD declined to comment.

"The cuts are part of cost cutting and rationalising to drive efficiencies in a challenging market," the second source familiar with the matter said about Emirates NBD.

Other banks have been reducing staff this year.

UAE central bank data shows local banks have laid off 446 people at the end of September from the same period a year ago, while foreign banks have added staff in the same period.

Staff at local banks account for over 80% of the 35,518 banking employees in the country.

The merger between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank resulted in hundreds of people being made redundant.

Commercial Bank International in September said it would offer voluntary retirement to employees, which sources close to the bank said resulted in over 100 job cuts. CBI, which is partly owned by Qatar National Bank, has not commented on the figure.

Standard Chartered local unit cut more than 100 jobs in its retail business in the UAE in September, Reuters had reported citing sources.

Rating agency Fitch warned in September a weakening property market in the UAE is likely to put more pressure on the asset quality of the banking sector.

(Reporting by Saeed Azhar and Stanley Carvalho; Editing by Emelia Sithole-Matarise)

By Saeed Azhar and Stanley Carvalho

Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI COMMERCIAL BANK PJSC -0.26% 7.58 End-of-day quote.-6.62%
COMMERCIAL BANK INTERNATIONAL P.S.C. 0.00% 0.6 End-of-day quote.-31.03%
COMMERCIAL BANK OF DUBAI PSC -3.80% 3.8 End-of-day quote.-1.25%
EMIRATES NBD BANK PJSC -1.63% 12.05 End-of-day quote.42.92%
EURO / DIRHAM (EUR/AED) 0.32% 4.0687 Delayed Quote.-3.62%
HSBC HOLDINGS PLC 0.23% 575 Delayed Quote.-11.32%
QNB -1.07% 19.38 End-of-day quote.-0.61%
STANDARD CHARTERED -0.80% 697.6 Delayed Quote.15.41%
US DOLLAR / DIRHAM (USD/AED) 0.01% 3.6727 Delayed Quote.0.00%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.20% 5.7318 Delayed Quote.9.00%
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Financials (AED)
Sales 2019 22 300 M
EBIT 2019 15 079 M
Net income 2019 15 090 M
Debt 2019 -
Yield 2019 3,81%
P/E ratio 2019 4,58x
P/E ratio 2020 6,26x
Capi. / Sales2019 3,00x
Capi. / Sales2020 2,52x
Capitalization 66 971 M
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 15,31  AED
Last Close Price 12,05  AED
Spread / Highest target 49,4%
Spread / Average Target 27,0%
Spread / Lowest Target 10,4%
EPS Revisions
Managers
NameTitle
Ahmed Saeed Al-Maktoum Chairman
Abdulla Qassem Group Chief Operating Officer
Suryanarayan Subramanian Group Chief Financial Officer
Rio Tinto Miguel Chief Information Officer
Hussain Hassan Mirza Al-Sayegh Director
Sector and Competitors