Reports
Emirates NBD's Wealth Unit Logs H1 Income Growth Of 15 Per Cent
Emirates NBD, the largest bank in the UAE, has recorded strong growth in its wealth management division for the first half of this year as it looks to expand further into new markets in the UAE.
Emirates NBD,
the largest bank in the UAE, recorded strong growth in its wealth
management division for the first half of this year as it looks
to expand further into new markets in the UAE.
Income growth was up 15 per cent in the six months to June 30,
reaching AED2,793 million (£760.4 million) compared to AED2,502
million at the same period in 2013, the firm said in a
statement.
Meanwhile net interest income increased by 12 per cent while fee
income grew by a strong 22 per cent. It said sustained focus on
liabilities growth and, in particular, current and savings
accounts resulted in market growth of 7.3 per cent in customer
deposits to AED108.6 billion.
The Private Banking business also delivered strong growth rates,
it added.
“The UAE remains well-positioned to enjoy solid growth in 2014
driven primarily by an expansion in non-oil sectors, particularly
tourism, retail and manufacturing,” the bank said in a
statement.
Overall the bank recorded net profits up 30 per cent at AED2.35
billion.