In 2007 ENBD produced 34.5% growth in net profits to $1.1bn, with assets up 52.7% to $69.2bn, and Tier 1 capital up 26.7% to $5.1bn. For the first three quarters of 2008, net profits were 33%, up at $999.2m, with assets up 12% on end-2007 figures at $77.7bn.
The successful ongoing integration process is providing significant sustainable benefits, especially in retail, where the improved cross-selling opportunities have delivered 66% annual growth in retail deposits as of the first half of 2008. Profits for the first half of 2008 overall rose 45% over the same period in 2007, and merger synergies already achieved in the first six months amounted to $55.5m, 54% of the three-year target.
From 38.3% at the end of 2007, the core business cost-income ratio declined to 36.4% for the nine months ending 30 September, 2008, due to the continued achievement of merger synergies and a focus on efficiency within the business.
“I am delighted that once again Emirates NBD has been acclaimed as Bank of the Year by The Banker,” says group chief executive Rick Pudner. “This award is dedicated to our members of staff who have worked extremely hard over the past year to deliver outstanding results, outstanding progress on our merger, and enhance our reach, products and services to our customers.”
