Dubai Economic Update
Summary
Emirates NBD
Robust operating performance with pre-impairment operating profit of AED 6.4 billion
Top-line trends for 2011 encouraging with 7% y-o-y growth in net interest income and growth in core fee income of 8%.
Continuation of balance sheet de-risking and conservatism on provisioning resulted in impairment allowances of
AED 5 billion for 2011 and additional AED 750 million write-down of UP investment
Dubai Bank acquisition completed without any impact on NPLs or P&L on date of acquisition
Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future
The outlook remains challenging but Emirates NBD has a clear strategy in place to take advantage of selected growth
opportunities
Emirates NBD
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