UAE bank sees profits rise by 27 per cent
UAE-based bank Emirates NBD has posted a net profit of AED3.3bn ($898m) for 2013, a 27 per cent increase on the previous year.
The banks strong performance is partly due to growth within its Islamic finance and retail businesses over the year. Income from Islamic banking grew by 25 per cent to reach AED1.48bn in 2013, while retail, when combined with wealth management, rose 15 per cent to AED5bn.
Customer loans also increased by 9 per cent, reaching AED238.3bn, while customer deposits rose 12 per cent to AED239.6bn.
Emirates NBD also expanded its regional presence through the $500m acquisition of the entire equity in BNP Paribas Egypt in June 2013. Despite it being a difficult period politically in the North African country, the acquisition contributed AED356m revenue and AED113m net profit to the the banks final results.
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