Investor Presentaiton
H1-14 Financial Results Highlights
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Highlights
Net profit of AED 2,350 Mn for H1 improved 30%
y-o-y
Net interest income rose 25% y-o-y helped by an
improved asset mix due to retail and Islamic
growth, CASA growth leading to lower cost of
funds and a contribution of 6% from Egypt
Non-interest income improved 31% y-o-y
boosted by increases in trade finance income,
brokerage & asset management fees, gains from
legacy property sales and a contribution of 4%
from Egypt
Cost to income ratio improved 4.2% y-o-y.
Excluding one-offs, cost to income ratio would
have been 31.4%. Costs increased 12% y-o-y
due to staff and occupancy costs linked with
rising business volumes and partially offset by a
control of other costs. Egypt contributed 8% of
the increase
Provisions of AED 2,613 Mn boosted the
coverage ratio by 7.2% in H1 to 64.7%
AD ratio of 95.6% within 90-100% management
range
NIMS improved 33bp y-o-y to 2.77% due to
improving asset and deposit mix and contribution
from Egypt
Key Performance Indicators
Emirates NBD
Better/
Better /
AED Mn
H1-14
H1-13
H2-13
(Worse)
(Worse)
Net interest income
4,559
3,661
25%
4,478
2%
Non-interest income
2,483
1,889
31%
1,829
36%
Total income
7,042
5,550
27%
6,307
12%
Operating expenses
(2,137)
(1,914)
(12%)
(2,281)
6%
Pre-impairment
operating profit
Impairment allowances
Operating profit
Share of profits from
associates
4,905
3,636
35%
4,026
22%
(2,613) (1,884)
(39%)
(2,829)
8%
2,292
1,752
31%
1,197
91%
121
67
82%
80
51%
Gain on disposal of stake
in associates/subsidiaries
Taxation charge
n/a
202
(100%)
(63)
(10)
(537%)
(31)
(104%)
Net profit
2,350
1,808
30%
1,448
62%
Cost: income ratio (%)
30.3%
34.5%
4.2%
36.2%
5.9%
Net interest margin (%)
2.77%
2.44%
0.33%
2.80% (0.03%)
AED Bn
30-Jun-14|30-Jun-13
% 31-Dec-13 %
Total assets
348.3
334.8
4%
342.1
2%
Loans
241.8
231.8
4%
238.3
1%
Deposits
252.9
230.3
10%
239.6
6%
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