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Dubai: Emirates NBD’s net profit jumped 17 per cent on stable margins, effective cost management and a significant reduction in the cost of risk reflecting improved business sentiment.
“The Group’s strong first-half results demonstrate its financial resiliency and the success of its diversified business model. The UAE economy has remained open thanks to the speed and success of the UAE’s vaccination programme,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director.
Strong operating performance on higher transaction volumes reflects improving economic conditions coupled with firm cost management.
“Emirates NBD’s profits jumped 17 per cent as the impact of lower interest rates was more than offset by firm cost management and a significant improvement in the cost of risk to pre-pandemic levels,” said Shayne Nelson, Group Chief Executive Officer.