By Staff writer
Bank is named the most valuable banking brand in the UAE in new ranking by The Banker magazine
Emirates NBD has announced that it has been named the most valuable banking brand in the UAE with a brand valuation of $1.78 billion, an increase of 40 percent from 2014.
Ranked third among all banks in the Middle East and Africa region, and 106th globally in The Banker’s ranking of top 500 global banks, Emirates NBD moved up 24 places from the 2014 rankings.
“Being ranked the most valuable bank in the UAE is testament to our continued efforts to deliver the most simplified banking solutions to customers in the UAE, and beyond. The overall ranking also reaffirms our vision to be globally recognised as the most valued financial services provider based in the Middle East,” said Shayne Nelson, group CEO, Emirates NBD.
“With a 50 year history, Emirates NBD continues to grow in reputation, not only in the UAE but also in the wider region. This recognition is a fitting tribute to all our staff who work hard to retain our leadership position, whilst setting benchmarks for the banking industry,” Nelson added.
Emirates NBD is the largest banking group in the UAE by total income and branch network. The bank continues to deliver excellent financial and operational performance. It recently reported record earnings with net profit of AED5.1 billion ($1.38 billion) for 2014, up 58 percent compared to 2013.
Total income for the year 2014 grew by 22 percent to AED14.4 billion. Net interest income grew 17 percent to AED9.5 billion.
Emirates NBD became the first bank in the UAE, and for the first time in its 50-year history, to report an annual operating profit before impairment in excess of AED10 billion.
The bank said it is "well positioned to grow further and deliver outstanding value to its shareholders, customers and employees".
The group has operations in the UAE, Egypt, Saudi Arabia, Qatar, Singapore, the United Kingdom and representative offices in India, China and Indonesia.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.