UAE Economic Update
Q1 2013 Financial Results Highlights
Highlights
Net profit of AED 837 million,
improved by +34% vs. Q4 2012 and
+31% vs. Q1 2012
Net interest income broadly stable
q-o-q and y-o-y recording AED 1,748
at the end of Q1 2013
⚫ Non-interest income improved by
19% q-o-q and declined by 3% y-o-y;
core fee income improved by 21%
q-o-q
• Costs improved by 4% y-o-y, 5% q-
o-q to AED 909 million due to cost
optimisation initiatives
Continued balance sheet de-risking
and conservative provisioning
resulted in net impairment
allowances of AED 888 million
• Net loans increased 1% q-o-q and
8% y-o-y
Deposits increased 4% q-o-q and
7% y-o-y
Headline LTD ratio at 99% vs. 102%
at end of 2012
Key Performance Indicators
Emirates NBD
AED million
Q1 2013
Q1 2012
%
Q4 2012
%
Net interest income
1,748
1,777
-2%
1,766
-1%
Non-interest income
882
909
-3%
740
+19%
Total income
2,630
2,686
-2%
2,506
+5%
Operating expenses
(909)
(942)
-4%
(958)
-5%
Amortisation of
(15)
(20)
-25%
(20)
-25%
intangibles
Pre-impairment
1,706
1,724
-1%
1,528
+12%
operating profit
Impairment allowances
(888)
(1,101)
-19%
(940)
-6%
Operating profit
818
623
+31%
588
+39%
Share of profits of
26
associates
26
24
+8%
37
-30%
Taxation charge
(7)
(6)
+17%
0
-100%
Net profit
837
641
+31%
625
+34%
Cost: income ratio
34.6%
35.1%
-0.5%
38.2%
-3.6%
Net interest margin
2.39%
2.63%
-0.24%
2.47%
-0.08%
AED billion
31-Mar-13 31-Mar-12
%
31-Dec-12
%
Loans
220.6
204.1
+8%
218.2
+1%
Deposits
223.0
208.5
+7%
213.9
+4%
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