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Emirates NBD Announces First Quarter 2012 Results
Strong Operating Performance

Total Income of AED 2.7 billion; Net Profit of AED 641 million

Dubai, 25 April 2012

Emirates NBD (DFM: EmiratesNBD), the leading bank in the region, today announced its results for the quarter ended 31 March 2012.

Results Highlights
  • Q1 2012 net profit of AED 641 million compared with AED 152 million in Q4 2011 and AED 1,413 million in Q1 2011
  • Total income of AED 2.7 billion, up 8% from Q4 2011 and up 19% from Q1 2011
  • Operating profit before impairment allowances of AED 1.7 billion, up 19% and 20% from Q4 2011 and  Q1 2011 respectively
  • Moderate increase in impaired loans ratio during the first quarter of 2012 of 0.3% in line with expectations
  • Total assets up 4% at AED 296.7 billion compared to AED 284.6 billion at the end of 2011
  • Customer loans at AED 204.1 billion, broadly stable relative to AED 203.1 billion at the end of 2011
  • Customer deposits at AED 208.5 billion, up 8% from AED 193.3 billion at the previous year-end
  • Headline loan to deposit ratio improved to 98% from 105% at the end of 2011
  • Capital adequacy ratio stable at extremely healthy level of 19.1%
Commenting on the Group's performance, Emirates NBD's Chief Executive Officer, Mr. Rick Pudner, said: "During the first quarter of 2012 we have continued to deliver stable and robust financial results, reflecting the strength of our business model and cementing our position as the region's leading banking group. Whilst uncertainties and challenges remain in the global economic environment, we remain confident about the strength and capabilities of Emirates NBD to continue to realise more success and our ability to capitalise on  value-adding opportunities for our shareholders."

Emirates NBD's Chief Financial Officer, Mr. Surya Subramanian, said: "The operating performance for the first quarter of 2012 has been particularly strong as evidenced by the acceleration of top-line growth while at the same time showing improved operating efficiency relative to the previous quarter. The Bank has also continued to optimise its balance sheet during the quarter through its focus on growth in stable low-cost deposits and the  issuance of more than AED 7 billion in medium term liabilities."

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