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Performance, digitalization, wins this bank high accolades

Emirates NBD, a leading bank in the region, took home the title of ‘Banking Company of the Year’ at the annual Gulf Business Awards. Hosted by Gulf Business, the awards celebrate excellence in the corporate world, recognising companies and business leaders across nine industries.

Highly praised for its strong financial performance and continued commitment to the digitalisation of banking services in the UAE, the bank received the honour for the second year running.

Strong performance

Emirates NBD was awarded for its robust financial performance in the past year. In the first half of 2017, the bank’s showed a net profit of AED3.9 billion, up by 5 per cent for the same period in 2016. The bank also reinforced its position as the region’s digital banking leader with the launch of Liv., the UAE’s first digital-only banking proposition catered for millennials, FaceBanking, a video banking facility that allows eligible customers to seek transaction or other types of financial assistance from an advisor, and SkyShopper, an exclusive e-commerce platform for its customers. The bank also recently announced a planned investment of an additional AED1bn over the next three years to further its digital transformation program.

Commenting on the win, Shayne Nelson, Group CEO of Emirates NBD said: “In the face of economic uncertainty, Emirates NBD has delivered a record financial performance in the first half of 2017. With major investment allocated towards our digital banking services, we have succeeded in differentiating ourselves from our competitors and offering customers a truly superior banking experience.”

Top H1 highlights

  • Net profit of AED 3.9 billion, up 5% y-o-y from H1-16
  • Net Interest Income improved 2% y-o-y on loan growth
  • Net Interest Margin up 20bp from 2.29% in Q4-16 to 2.49% in Q2-17
  • Total assets at AED 456.2 billion, up 2% from end 2016
  • Customer loans at AED 304 billion, up 5% from end 2016
  • Customer deposits at AED 319.9 billion, up 3% from end 2016