Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United Arab Emirates
  4. Dubai Financial Market
  5. Emirates NBD Bank
  6. News
  7. Summary
    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK

(EMIRATESNBD)
  Report
End-of-day quote Dubai Financial Market  -  2022-10-04
12.85 AED   -3.38%
09/15At second attempt, firm owned by Abu Dhabi royals raises $300 mln via sukuk
RE
09/06EXCLUSIVE - Qatar tells local banks to stop currency swap deals abroad - sources
RE
09/05Dubai road-toll operator Salik to sell 20% shares via IPO - document
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Dubai's biggest bank gives staff a pay rise for inflation - sources

08/09/2022 | 09:06am EDT

DUBAI, Aug 9 (Reuters) - Dubai's biggest bank Emirates NBD has given most employees a pay rise of up to 8% to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said.

The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving smaller or no increases, the sources said.

Most employees received a pay rise of between 5% and 8%, with lower-paid staff receiving the biggest increase, one of the sources, who has direct knowledge of the matter, said.

Emirates NBD, majority owned by Dubai's government, said it did not comment on staff-related matters.

"As a people-first organization and a leading employer, Emirates NBD has remained committed to initiatives and policies that support staff wellbeing, while adopting a robust employee recognition program," a spokesperson added in an emailed response to a Reuters query.

It was not immediately clear if the salary increases were only for employees in the United Arab Emirates. The lender also has operations in Egypt, India, Turkey and elsewhere.

Annual inflation in the oil-producing Gulf state reached 3.4% in the first quarter, according to the central bank, which has projected 5.6% inflation for the year. The UAE has not published monthly inflation figures this year.

The trajectory of price increases represents a significant turnaround from deflation throughout 2019, 2020 and the first seven months of 2021.

In recent months people have voiced concerns over increasing living costs in the UAE, with retail fuel prices now up around 55% so far this year, falling from a high of about 80%.

The UAE is the only Gulf Arab country without a cap on domestic fuel prices, leading to petrol costs surging at the pump.

Dubai average rental prices for apartments and townhouses rose by 29% and 33% in the first half of the year and for villas by 64%, according to Betterhomes, as the property market continued a strong post-pandemic recovery.

Emirates NBD in late July reported a 42% jump in second quarter profit to 3.5 billion dirhams ($952.98 million).

The Central Bank of the UAE has increased its base rate a cumulative 225 basis points since March in parallel with the U.S. Federal Reserve, because its currency is pegged to the dollar, as central banks globally battle historic inflation.

($1 = 3.6727 UAE dirham) (Reporting by Yousef Saba; Editing by Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EMIRATES NBD BANK -3.38% 12.85 End-of-day quote.-5.17%
EURO / DIRHAM (EUR/AED) -1.09% 3.6261 Delayed Quote.-13.52%
LONDON BRENT OIL 1.62% 93.38 Delayed Quote.13.79%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6727 Delayed Quote.0.00%
US DOLLAR / TURKISH LIRA (USD/TRY) 0.13% 18.5755 Delayed Quote.39.14%
WTI 1.43% 87.854 Delayed Quote.14.86%
All news about EMIRATES NBD BANK
09/15At second attempt, firm owned by Abu Dhabi royals raises $300 mln via sukuk
RE
09/06EXCLUSIVE - Qatar tells local banks to stop currency swap deals abroad - sources
RE
09/05Dubai road-toll operator Salik to sell 20% shares via IPO - document
RE
08/10MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high
RE
08/09Dubai's biggest bank gives staff a pay rise for inflation - sources
RE
07/28Emirates Nbd Bank : نتائج اجتما..
PU
07/28Dubai's Emirates NBD profit rises in second quarter
RE
07/28Emirates NBD Bank PJSC Reports Earnings Results for the Second Quarter and Six Months E..
CI
07/06Dubai road toll operator appoints first CEO ahead of flotation
RE
07/05Emirates NBD Group and BNY Mellon Announces Strategic Alliance to Accelerate Growth of ..
CI
More news
Analyst Recommendations on EMIRATES NBD BANK
More recommendations
Financials
Sales 2022 28 770 M 7 832 M 7 832 M
Net income 2022 11 160 M 3 038 M 3 038 M
Net Debt 2022 - - -
P/E ratio 2022 7,68x
Yield 2022 4,47%
Capitalization 81 168 M 22 096 M 22 096 M
Capi. / Sales 2022 2,82x
Capi. / Sales 2023 2,74x
Nbr of Employees 0
Free-Float 38,9%
Chart EMIRATES NBD BANK
Duration : Period :
Emirates NBD Bank Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EMIRATES NBD BANK
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Last Close Price 12,85 AED
Average target price 17,16 AED
Spread / Average Target 33,6%
EPS Revisions
Managers and Directors
Shayne Kieth Nelson Group Chief Executive Officer
Patrick Sullivan Group Chief Financial Officer
Ahmed bin Saeed Al-Maktoum Chairman
Abdulla Abdulrahman Qassem Group Chief Operating Officer
Hussain Hassan Mirza Al-Sayegh Director
Sector and Competitors