Emirates NBD Financial Performance Overview
Financial results highlights Q1 2022
Highlights Income
Expenses
Risk
Capital
Liquidity
Divisional
Strong Q1-22 results with net profit up 18% y-o-y on higher income and lower
impairments
• Net interest income up 4% y-o-y on improved loan and deposit mix
Better/
Better /
Income Statement (AED bn)
Q1-22
Q1-21
Q4-21
Key Highlights
(Worse)
(Worse)
Net interest income
4.3
4.1
4%
4.3
(2)%
•
Non-funded income
2.1
2.1
2%
2.2
(3)%
Total income
6.4
6.2
3%
6.5
(2)%
Operating expenses
(2.0)
(1.9)
(5)%
(2.3)
14%
Pre-impairment operating profit
4.4
4.3
3%
4.2
4%
Impairment allowances
(1.4)
(1.8)
20%
(2.2)
36%
Operating profit
3.0
2.5
19%
2.1
45%
Taxation charge and others
(0.3)
(0.2)
(24)%
(0.1)
(378)%
Net profit
2.7
2.3
18%
2.0
36%
Cost: income ratio (%)
30.8%
Net interest margin (%)
2.60%
30.3% (0.5)% 34.8%
2.46% 0.14% 2.59%
4.0%
•
0.01%
-
Initial signs of higher rates feeding through to margins
-
Record CASA balances improving funding costs
• Non-funded income up 2% y-o-y from increased transaction activity
-
Increased local and international card transactions
W
Growth in client flow FX & Derivative transaction income
Expenses well controlled in Q1-22 with CI ratio within guidance
-
Higher staff cost y-o-y driving an increase in underlying earnings and
future growth
Balance Sheet (AED bn)
31-Mar-22 31-Mar-21
Inc/
(Dec)
31-Dec-21
Inc/
(Dec)
W
Other costs lower due to seasonality from earlier campaigns
•
Total assets
694.0
695.1
687.4
1%
Loans
425.4
436.1
Deposits
469.0
459.1
(2)%
2%
422.3
1%
Q1-22 cost of risk of 116 bps lower y-o-y and q-o-q reflecting
operating environment
improving
456.5
CET-1 (%)
LCR (%)
NPL ratio (%)
15.0%
157.4%
6.4%
15.6% (0.6)% 15.1%
165.1% (7.7)% 177.6%
6.1% 0.3% 6.3%
3%
(0.1)%
(20.2)%
0.1%
•
• 1% Loan growth in Q1-22
El lending up 6%, Retail lending up 4% and DenizBank's net loans up
11%
Group maintains strong Capital and Liquidity with coverage ratio highest
amongst regional peers
15View entire presentation