It was the kind of year when solidity and stability mattered above all else, and Emirates NBD had both of those in spades. Under group chief executive Shayne Nelson, the Dubai-based lender is in pole position to benefit from a post-pandemic recovery, as a region of resource-rich nations, governed by ambitious leaders, seeks to diversify away from oil and gas.
Net profit fell to Dh7 billion ($1.91 billion) in 2020, as Covid hit, but total income rose 4% year on year to Dh23.2 billion, as a positive contribution from Turkey’s DenizBank, now controlled by Emirates NBD, offset by losses from lower interest rates and non-funded income. Total assets rose 2% on an annualized basis, to Dh698 billion, with customer deposits virtually flat at just over Dh464 billion. Non-performing loans ticked up very slightly, but not enough to concern a conservatively run and highly capitalized lender with a common equity tier-1 ratio of 15% at the end of 2020.
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