UAE Economic and FY 2012 Financial Results Update
FY 2012 Financial Results Highlights
Emirates NBD
Highlights
Net profit of AED 2,554 million, +3% vs. 2011
• Dividend of AED 0.25 per share declared, +25% vs.
2011
⚫ Net interest income declined 5% to AED 6,912
million due to 26 bps reduction in the net interest
margin
Non-interest income improved by 24%; core fee
income improved by 11%
Costs increased by 5% y-o-y due to consolidation of
Dubai Bank from Q3 2011 and integration costs
incurred in Q4 2012; costs improved by 2%
excluding these impacts
Continued balance sheet de-risking and
conservatism on provisioning resulted in net
impairment allowances of AED 4,004 million
• Net loans increased 7% since end-2011
Deposits increased 11% since end-2011
• Headline LTD ratio at 102% vs. 105% at end-2011
Key Performance Indicators
AED million
FY 2012
FY 2011
%
Net interest income
6,912
7,258
-5%
Non-interest income
3,300
2,672
+24%
Total income
10,212
9,930
+3%
Operating expenses
(3,669)
(3,508)
+5%
Amortisation of intangibles
(80)
(94)
-15%
Pre-impairment operating
6,463
6,328
+2%
profit
Impairment allowances
(4,004)
(4,978)
-20%
Operating profit
2,459
1,350
+82%
Share of profits and
impairment of associates
110
(654)
-117%
Gain on disposal of
1,813
-100%
subsidiaries
Taxation charge
(15)
(26)
-41%
2,554
2,483
+3%
35.9%
35.3%
+0.6%
Net interest margin
Dividend per share (AED)
2.43%
2.69%
-0.26%
0.25
0.20
+25%
31-Dec-12 31-Dec-11
%
218.2
203.1
+7%
213.9
193.3
+11%
16
Net profit
Cost: income ratio
AED billion
Loans
DepositsView entire presentation