Net profits at the Emirates NBD group were AED2,111 million ($574 million) for the first half of 2009, 20 per cent off the record H1 2008 net profits of AED2,648 million. Net profits for the second quarter of 2009 were AED852 million, down 41 per cent on the same period in 2008, both principally owing to bad debt provision.

But operating income was lifted by a 10 per cent year-on-year first half increase in revenues for the consumer banking and wealth management unit to AED1,565 million from AED1,425 million.

A key event in the first half of 2009 was the launch of the Emirates NBD private banking business; chief executive officer Rick Pudner has said that his bank will open more branches and private banking operations.