Strategic Imperatives and Financial Overview
2010 Financial Results
■
◉
2010 Financial Results Highlights
Total income of AED 9,721m; -10% from AED 10,794m in 2009
Income includes write-downs of investment properties of AED 214m
Improvement of 14% in operating expenses from 2009 to AED 3,053m in
2010; Cost to income ratio improved by 1.5% to 31.4%
Operating profit before impairment allowances of AED 6,668m; -8% from
AED 7,243m in 2009
Impairment allowances of AED 3,190m; 4% lower than AED 3,319m in 2009
Union Properties investment reduced by AED 1.0b in 2010 through recognition
of share of losses and impairment
Net profit of AED 2,339m; -30% from AED 3,343 in 2009
Capital ratios remain strong; CAR 20.1% and T1 12.8% at end 2010
■ Deposits grew by 10% from end-2009 levels while loans declined 8%,
improving the loan to deposit ratio to 99% from 118% at end-2009
"
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Q4 2010 Financial Results Highlights
Total income of AED 2,262m; -9% from AED2,496m in Q4 2009; -13% from
AED 2,589m in Q3 2010
Improvement of 13% in operating expenses from Q4 2009 to AED 758m in Q4
2010; 4% higher costs compared with AED 726m in Q3 2010
Operating profit before impairment allowances of AED 1,504m; -7% from
AED 1,620m in Q4 2009; -19% from AED 1,863m in Q3 2010
Impairment allowances of AED 201m; 79% improvement from AED 945m in
Q4 2009 and 84% improvement from AED 1,241m in Q3 2009
Net profit of AED 403m; +126% from AED 178m in Q4 2009; -6% from
AED 424m in Q3 2010
1) Investment properties income includes rental income and realised /unrealised gains/(losses) on investment properties
2) Investments/CDS income includes dividend income and realised /unrealised gains/(losses) on investment, trading and CDS securities
Emirates NBD
Key Performance Indicators
Change
Q4
Q4
Change
AED million
2010
2009
(%)
2010
2009
(%)
Net interest income
6,795
7,412
-8%
1,620
1,924
-16%
Fee & other income
2,583
2,773
-7%
578
679
-15%
Investment properties(1)
(188)
(42)
+346%
(45)
(56)
-19%
Investment/CDS Income (2)
531
651
-18%
109
(51)
-315%
Total income
9,721
10,794
-10%
2,262
2,496
-9%
Operating expenses
(3,053)
(3,551)
-14%
(758)
(876)
-13%
Operating profit before
impairment allowances
6,668
7,243
-8%
1,504
1,620
-7%
Impairment allowances:
(3,190)
(3,319)
-4%
(201)
(945)
-79%
Credit
(2,930)
(2,971)
-1%
(96)
(863)
-89%
Investment securities
(260)
(348)
-25%
(105)
(82)
+28%
Operating profit
3,478
3,924
-11%
1,303
675
+93%
Amortisation of intangibles
(94)
(94)
0%
(23)
(24)
0%
Associates
(1,024)
(477)
+114%
(869)
(475)
+83%
Share of profits
(664)
(161) +311%
(509)
(159)
+220%
Investment impairment
(360)
(316)
+14%
(360)
(316)
+14%
Taxation charge
(21)
(10)
+115%
(8)
2
n/a
Net profit
2,339
3,343
-30%
403
178
+126%
Cost: income ratio (%)
31.4%
32.9%
-1.5%
33.5%
35.1%
-1.6%
Net interest margin (%)
2.52%
2.81%
-0.29%
2.41%
2.85%
-0.44%
EPS (AED)
0.37
0.58
-35%
0.06
0.02
+186%
ROE (%)
10.3%
16.2%
-5.9%
6.9%
3.2%
-3.7%
31 Dec
31 Dec
Change
AED billion
2010
2009
(%)
Total assets
286.2
281.6
+2%
Loans
197.1
214.6
-8%
Deposits
200.0
181.2
+10%
Capital Adequacy Ratio (%)
20.1%
18.7%
+1.4%
Tier 1 Ratio (%)
12.8%
11.9%
+0.9%
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