Reports

Emirates NBD Reports Rise In Private Banking Fee Income

Editorial Staff, 27 January 2022

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The Gulf-based bank, which includes private banking among its service lines, reported broadly stronger results across the group.

Emirates NBD yesterday reported a 15 per cent year-on-year rise in private banking fee income for 2021 while asset management revenue clocked up a 17 per cent gain for the year. 

The UAE-based group did not appear to give a specific numeric figure for its private banking performance. 

Across the entire Emirates NBD group, net profit rose 34 per cent over the year to AED9.3 billion ($2.53 billion). The group said that because of its “strong performance,” its board of directors proposed a 25 per cent rise in the cash dividend to 50 fils per share.

Costs in 2021 rose 2 per cent to AED8 billion; provisions for credit losses fell in 2021 as the pandemic risks eased, falling 26 per cent to AED5.9 billion. The bank had a 15.1 per cent Common Equity Tier-1 ratio, a standard international measure of a bank’s capital buffer.

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