Emirates NBD, Dubai’s largest lender, on Tuesday posted a double digit rise in first quarter net profit on the back of improving economic conditions in the UAE.
The bank said the strong Q1 results will enable it to accelerate the pace of investment in digital and in its international network to support future growth.
Total income rose by 25 percent compared to Q4 2020 to AED6.2 billion while expenses declined 9 percent in the same period to AED1.9 billion.
Net profit improved 12 percent compared to Q1 2020 and by 76 percent compared to the previous quarter to to AED2.3 billion while total assets remained stable at AED695 billion.
The bank also said it has provided AED10.3 billion of support to over 110,000 customers during the coronavirus pandemic.
Hesham Abdulla Al Qassim, vice chairman and managing director, said the results reflect “the resilience and gradual economic recovery following the global disruption in 2020”.
Shayne Nelson (pictured above), group CEO, added: “These strong Q1 results enable us to… Economic growth is expected to improve this year in all the countries that the group operates in.”
He said contactless payments now make up 84 percent of Emirates NBD’s face-to-face payment transactions as consumers embrace touch-free technology.
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