Emirates NBD held its 11th General Assembly Meeting at the Bank’s Headquarters, where a review of the year ended 31 December 2017 was presented.
“The UAE economy, and the banking sector in particular, performed well in 2017 in spite of a challenging regional and global environment. The UAE economy is estimated to have grown by two per cent in 2017 and market sentiment and outlook are positive as we anticipate overall growth to accelerate to 3.4 per cent in 2018. With two years to EXPO 2020 Dubai, the pace of development has quickened with a focus on projects and transport infrastructure. As the event’s Official Banking Partner, Emirates NBD has started preparing the ground work to ensure that banking services are at the forefront of innovation at Expo 2020 Dubai,” said HH Sheikh Ahmed Bin Saeed Al Maktoum, commenting on the business environment.
HH added that the Bank announced a record annual net profit for 2017 and the Group’s balance sheet continued to strengthen, with further improvements in capital and liquidity and a stable credit quality profile. Confidence remains that the business model will continue to deliver a solid performance and deal with opportunities and challenges that will present themselves.
Key financial highlights for 2017 included:
- Net profit of AED 8.35 billion, up 15 per cent compared with the prior year
- Total income of 15.5 billion, up 5 per cent compared with the prior year
- Total assets at AED 470.4 billion, up 5 per cent compared with the prior year
- Customer loans at AED 304.1 billion, up 5 per cent compared with the prior year
- Customer deposits at AED 326.5 billion, up 5 per cent compared with the prior year
- Tier 1 Capital Ratio increased to 19.5 per cent and Capital Adequacy Ratio advanced to 21.9 per cent with retained earnings