The Retail Banking and Wealth Management (RBWM) division of Emirates NBD has reported a total income of AED2.82bn for the first half of 2015, a marginal rise of 1.07% from AED2.79bn in the year ago half.
Growth was primarily driven supported by an 18% increase in fee income driven by strong growth in foreign exchange and credit card business, coupled with growth in wealth management. This helped improve the fee income ratio to 38% from 33% in first half of 2014, the bank said in its press statement.
The retail business has grown but revenues remained stable due to a change in internal transfer pricing adjustments, the statement added.
The RBWM division’s CASA balances grew by 5% in the first half of the year.
The division’s focus on improving the quality of customer sourcing led to a 40% monthly acquisition growth in affluent customers, the bank said.
As at 30 June 2015, Emirates NBD Asset Management has assets under management of AED11.2bn.
Overall, Emirates NBD group posted net profit AED3.3bn for the first half of 2015, up 41% compared to AED2.35bn in the parallel half of 2014.
Commenting on the group’s performance, Emirates NBD vice chairman Hesham Abdulla Al Qassim said: "I am very pleased that Emirates NBD is delivering higher profitability whilst continuing to strengthen the balance sheet.
"In H1 2015 Emirates NBD achieved a 41% growth in net profit to AED3.317bn. The group also delivered further improvements in asset quality, capital and liquidity. The group is well positioned to utilise our strong franchise and balance sheet to take advantage of opportunities within the region."