Emirates NBD's Wealth Unit Logs H1 Income Growth Of 15 Per Cent

Mark Shapland

25 July 2014

, 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.