Investor Presentaiton
Financial Highlights
Q1 2012
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Q1 2012 Financial Results Highlights
Net profit of AED 641 million, -55% vs. Q1 2011
Net interest income grew by 8% y-o-y to AED 1,777 million due to net
interest margin improvement to 2.63% in Q1 2012 from 2.41% in Q1 2011
■ Non-interest income grew by 49% y-o-y aided by impact of non-core items;
core fee income grew 17% y-o-y
■
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Costs increased by 17% y-o-y from AED 808 million in Q1 2011 to AED 942
million in Q1 2012 resulting from investment in future growth
opportunities; Cost to Income Ratio was at 35.1% in Q1 2012 vs 35.7% in
Q1 2011
Continuation of balance sheet de-risking and conservatism on provisioning
resulted in impairment allowances of AED 1,101 million
New underwriting remains modest with net loans stable from Q4 2011
Deposits increased 8% from Q4 2011 due to balance sheet optimisation
initiatives; Headline LTD ratio at 98% vs. 105% at Q4 2011
CAR dropped by 1.4% to 19.1% in Q1 2012 from 20.5% in Q4 2011; due to
reduction in Tier 2 Capital by 24%
■ Total assets grew by +4% to AED 297 billion in Q1 2012 from Q1 2011.
Income Statement
AED million
Credit
Emirates NBD
Key Performance Indicators
Q1 12 Q1 11
Change 2011
%
2010 Change
%
Net interest income
Fee & other income
Total income
Operating expenses
Operating profit before
impairment allowances
Impairment allowances:
1,777 1,648 +8% 7,258
910
612 +49% 2,672
2,686 2,260 +19% 9,930 9,721
(942) (808) +17% (3,508) (3,053)
1,744
6,795
+7%
2,927
-9%
+2%
+15%
Investment securities
Operating profit
Amortisation of intangibles
643
(20)
83
(221)
+673% 1,444
(23) -13% (94)
1,452 +20% 6,422 6,668
(1,101) (1,369) -20% (4,978) (3,190) +56%
(1,078) (1,334) -19% (4,757) (2,930) +62%
(22) (35) -37%
-4%
(260)
-15%
3,478
-58%
Associates
24
(477)
Gain on subsidiaries
-
1,835
Taxation charge
(6)
Net profit
641
Cost to income ratio (%)
Net interest margin (%)
EPS (AED)
ROE (%)
ROA (%)
-105% (654)
-100% 1,813
(5) +19% (26) (21) +24%
1,413 -55% 2,483 2,339 +6%
35.1% 35.7% -0.7% 35.3% 31.4% +3.9%
2.63%
2.41% +0.22% 2.68% 2.52% +0.16%
0.10 0.24 -57% 0.41
0.37 +9%
10.3% 23.7% -13.4% 10.3% 10.2% +0.0%
0.9% 1.9% -1.0% 0.9% 0.8% +0.0%
(94)
(1,024) -36%
+0%
n/a
Balance Sheet
31-Mar- 31-Dec- Change
12
11
Change
31-Dec-1131-Dec-10
AED billion
%
%
Total assets
296.7
284.6
+4%
284.6
286.1
-1%
Loans
204.1
203.1
+0%
203.1
196.2
+4%
Deposits
208.5
193.3 +8%
193.3
200.0
-3%
Capital Adequacy Ratio (%)
19.1%
Tier 1 Ratio (%)
12.5%
20.5% -1.4%
13.0% -0.5%
20.5%
19.8% +0.8%
13.0% 12.6% +0.5%
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