Dubai – Mubasher: The net profits attributable to the equity holders of Emirates NBD increased to AED 4.78 billion during the first half (H1) of 2021 from AED 4.087 billion in the year-ago period, as shown by the bank's consolidated interim financials for the six-month period ended 30 June 2021.
Higher profits are driven by stable margins, effective cost management, a significant reduction in the cost of risk, and financial resiliency.
The bank's net interest income and net income from Islamic financing and investment products reached AED 8.148 billion in H1-21, down 12% from AED 9.305 billion in H1-20.
The earnings per share (EPS) settled at AED 0.70 in the January-June period of 2021, versus AED 0.60 in the corresponding period of 2020.
Commenting on the bank's performance, the Group CEO, Shayne Nelson, said: "In the second quarter we upgraded our global payment system, enabling much faster cross-border payments and more visible tracking, improving the overall experience for our customers."
Meanwhile, the Group Chief Financial Officer, Patrick Sullivan, remarked: "In the second quarter we improved the efficiency and cost of the capital structure through a capital management exercise."
It is noteworthy to mention that during the first quarter (Q1) of 2021, the bank's net profits increased to AED 2.321 billion from AED 2.079 billion in the year-ago period.
