UAE bank Emirates NBD posted a 34 percent net profit jump in 2021, earning AED9.3 billion. Total income was up 3 percent year-on-year during a year that was all about recovery from the economic fallout of Covid-19 in 2020.
The group’s net profit of AED2bn for Q4-21 is 53 percent higher than Q4-20 and the net profit for 2021 is 34 percent higher year-on-year.
Emirates NBD said their income increased 32 percent year-on-year in Q4 2021 in a statement posted on the Dubai Financial Market website. The 3 percent, AED23.8bn income boost was accredited to higher retail volumes that offset the impact of low-interest rates.
“In light of the group’s strong performance we are proposing a 25 percent increase in the cash dividend to 50 fils per share,” Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD said.
However, the bank said their total assets are down 2 percent to AED687bn “due to currency translation”. Expenses for 2021 were 2 percent higher than the previous year as “business activity recovers and investment continues in international, digital and advanced analytics,” the statement said. The cost to income ratio improved in 2021 supported by positive income momentum.
Like banks everywhere, Emirates NBD continued its drive to integrate greater digital services, launching “Advanced Analytics Centre of Excellence to identify untapped revenue streams by scutinising 21 million daily customer data points”.
“With 98 percent of transactions now through digital channels, we continue to be a leader in digital banking and innovation. We are honoured to help the UAE be ranked in the Top 10 of the IMD Digital Competitiveness Index for the first time ever in 2021,” Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said.
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