Emirates NBD 2014 Achievements and Strategic Update
Net Interest Income
Emirates NBD
Highlights
NIMS declined 4 bps in Q4-14 and improved 22 bps to
2.85% through 2014
• Loan spreads improved in 2014 due to growth in higher
yielding retail and Islamic assets
• Deposit spreads improved in 2014 due to CASA growth
and repayment of Ministry of Finance Tier 2 deposit
•
Treasury spreads improved y-o-y due to strong investment
performance coupled with cheaper cost of wholesale
funding
• We expect NIMS in 2015 to be in the range of 2.7 - 2.8%
Net Interest Margin (%)
2.95
2.91
2.85
2.83
2.83
2.78
2.76
2.75
2.77
2.63
2.47
2.48
2.58
2.39
2.43
2.44
Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Qtrly NIM
YTD NIM
Net Interest Margin Drivers (%)
Q4-14 vs. Q3-14
FY-14 vs. FY-13
2.95
2.85
0.05
0.03
(0.04)
(0.02)
2.91
0.17
0.00
0.00
2.63
(0.01)
Q3 14
Loan Deposit Treasury Other
Spreads Spreads Spreads
Q4 14
FY 13
Loan Deposit Treasury
Spreads Spreads Spreads
Other
FY 14
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