By Sam Bridge
Dubai's biggest bank appoints Patrick Sullivan as group chief financial officer, replacing Surya Subramanian
Emirates NBD on Monday said it has appointed Patrick Sullivan as group chief financial officer, replacing Surya Subramanian who will leave Dubai’s biggest bank after about nine years as it announced a big jump in profit for the first nine months of 2019.
Sullivan will assume the role from January 1, the lender said in a statement. Sullivan is group financial controller at Standard Chartered, according to a spokesman for the Dubai-based bank.
Former Standard Chartered banker Subramaniam will return to Singapore to pursue family interests, the bank said in April.
Emirates NBD on Monday reported 63 percent jump in nine-month net profit to AED12.5 billion ($3.4 billion), helped by a one-time gain from a stake sale in its card payments processing unit.
The results include a AED4.4 billion impact from the Network International transaction.
Total income of AED15.5 billion improved by 20 percent due to loan growth and higher fee income, the bank said, adding that its impairment charge increased 149 percent.
Total assets grew 35 percent to AED675.6 billion during 2019 while customer loans advanced 31 percent to AED429.7 billion and customer deposits increased 35 percent to AED468.2 billion.
Hesham Abdulla Al Qassim, vice chairman and managing director, Emirates NBD said: “Emirates NBD delivered a strong set of results in the first nine months of 2019. The bank successfully completed the acquisition of DenizBank in the third quarter of 2019. This represents a significant milestone for Emirates NBD, expanding our presence to 13 countries and establishing Emirates NBD as a leading Bank in the MENAT region with over 14 million customers.”
The bank’s research team said it expects the UAE headline GDP growth to reach 2 percent in 2019, up from 1.7 percent in 2018 as the oil sector is expected to contribute positively to overall economic growth.
Dubai is expected to be the main engine of non-oil growth in the UAE this year, with GDP forecast to expand 3 percent in 2019.
* With Bloomberg