Emirates NBD, Dubai’s top lender, and Dubai Islamic Bank, the emirate’s biggest Sharia-compliant lender, posted higher-than-forecast first quarter net profit as they set aside lower provisions to cover bad debt.
Emirates NBD reported a 27 per cent rise in first quarter net profit to a “record” quarterly income of Dh2.39 billion, which was attributed to loan growth and stronger margins. The results beat five analysts’ estimates averaging Dh2.17bn, according to Bloomberg.
“Emirates NBD delivered a strong set of results…underpinned by higher net interest income on the back of loan growth and improving margins and a lower cost of risk,” said Shayne Nelson, group chief executive of Emirates NBD. “The group’s balance sheet remains strong with solid liquidity and capital ratios and a further strengthening in credit quality.”
Banks in the UAE, the region’s second-biggest economy, have fared relatively better than some of their regional peers during the three-year oil price slump. They have, however, struggled to maintain credit and profit growth amid softer economic conditions in the past two years as non-performing loans spiked with defaults in businesses, especially, among the small and medium-sized enterprises.
Economic activity is picking up with the recovery in the oil prices, improving prospects for lenders in the country over the next 12 to 18 months, rating agencies and analysts have said.
Emirates NBD’s income rose 13 per cent year-on-year to Dh4.1bn, due to loan growth and the positive impact of recent rate rises, the bank said. Its net interest margin widened by 17 basis points (bps) to 2.68 per cent from 2.51 per cent in the fourth quarter of 2017, also helped by rate rises, as well as stable funding costs.
The results were better-than-expected thanks to “lower provisioning and non-interest margin expansion,” said Chiradeep Ghosh, an analyst with Bahrain’s SICO. The results were higher by 15 per cent than SICO’s forecast.
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Read more:
Emirates NBD shares soar on talks to acquire Turkish DenizBank
Emirates NBD Q4 profit rises 17% on higher net interest income
FAB says that third-quarter net profit slips 18 per cent amid drop in net interest income
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Impairment charges dropped 31 per cent from the year earlier period to Dh440 million.
“The operating performance for the first quarter of 2018 was pleasing as we delivered a record quarterly net profit supported by growth in our core business,” said Surya Subramanian, the bank's chief financial officer.
The bank continues to expand its international presence with a new branch opening in Jeddah last month and two further branches set to open in Saudi Arabia, he added. Emirates NBD is also in talks to buy Turkey's DenizBank, the lender said in January.
Meanwhile, Dubai Islamic Bank posted a 16.4 per cent year-on-year jump in net profit, as revenues climbed on the back of higher income from fees and commission business.
Net income attributable to equity owners surged to Dh1.17 billion from Dh1bn reported for the same period in 2017, DIB said in a statement to the Dubai Financial Market, where its shares are traded. Net revenue for the period amounted to Dh1.97bn, a 9 per cent rise from a year-earlier, supported by 15.5 per cent growth in fees and commissions income, it said.
The results beat five analysts’ estimates averaging Dh1.14bn, according to Bloomberg. The first-quarter net income was above SICO Bahrain’s forecast by 4 per cent.
“Operating expenses continues to improve, with cost to income ratio declining below 30 per cent,” said Mr Ghosh. “Financing book growth was 2 per cent quarter-on-quarter, which is strong but lower than what was achieved by DIB in the past quarters.”
The bank said that the profitability was supported by a strategy focus on building a quality financing portfolio while simultaneously managing costs.
“Whilst we continue on our expansionary agenda, this year is primarily about striking a balance between growth and profitability,” DIB group chief executive Adnan Chilwan said. He added one critical component that has helped the bank is its ability to pre-emptively create capacity, both with regards to liquidity and capitalisation, which has been a key differentiator that has allowed it to grow over the years.
The lender, which this year raised $1bn through a five-year sukuk and received shareholders’ nod for a capital increase through a rights issue, said its net financing and sukuk investments grew 3.5 per cent to Dh162.7bn in the first quarter from the levels recorded at the end of last year.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Killing of Qassem Suleimani
UAE v Zimbabwe A, 50 over series
Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
COMPANY%20PROFILE
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Company%20Profile
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If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
FROM%20THE%20ASHES
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GRAN%20TURISMO
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MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
COMPANY%20PROFILE%20
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Getting%20there%20and%20where%20to%20stay
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