Emirates NBD became the first bank in the UAE to reveal its financial results in 2015
Dubai - Working with MDS ap, an exclusive partner on the SAP Business Analytics Portfolio of Products, Emirates NBD has generated its year-end financial statements 30% faster than the previous year, allowing it to manage critical disclosures and heighten trust and transparency for investors.
"Emirates NBD has reached a new level in terms of financial reporting maturity by removing manual processes that were prolonging the generation of quarterly and year-end financial statements. Leveraging SAP Disclosure Management allowed us to save time, avoid manual intervention and include last minute edits in the financial statements with a press of button." said Surya Subramanian, Group CFO, Emirates NBD Bank PJSC.
Emirates NBD is the first bank in the UAE to adopt the SAP Disclosure Management via MDS ap. Since its implementation, Emirates NBD has also used the software to generate part of its financial results announcement.
Tony Achkar, Managing Director, MDS ap Tech said: "New regulations on financial reporting are being consistently updated and very soon automation will become a necessity if banks want to minimize risk, time and cost associated with the disclosure process. By leveraging SAP Disclosure Management and assuming complete project ownership, Emirates NBD is driving UAE banking towards a global standard in financial compliance and adhering to their own corporate governance guidelines for accuracy and transparency in the 'last mile' of finance."
By generating the report eight days faster than the previous year, the financial statements produced by Emirates NBD could include last minute edits and staged approvals, together with report comparison and full or partial restoration of previous versions.
"We are proud to support Emirates NBD with its drive to become more transparent and set an industry-wide example," said Tayfun Topkoç, Managing Director, SAP UAE.
"Regulatory change is sweeping across the world, and Emirates NBD is not only ready but at the forefront of innovation adoption. Rather than treating it as a challenge, the bank's leadership is seeing this pressure as an opportunity to run more efficiently, deliver better value and to reach higher levels of achievement."
SAP Disclosure Management, has also given the bank greater flexibility by allowing the integration of annual reports and corporate announcements that provide investors with relevant information and supporting data that can affect shareholder value.
Emirates NBD reported annual pre-impairment operating profit above AED 10 billion with net profit up 58% to AED 5.1 billion for the year ended 31 December 2014.
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About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 31st March 2015, total assets were AED 367.5 billion, (equivalent to USD 100 billion). The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
For more information, please visit: www.emiratesnbd.com
Media contacts
Ibrahim Sowaidan, Emirates NBD, +97146094112, +971506538937, ibrahims@emiratesnbd.com
Claire Andrea, Emirates NBD, +97146094143, clairea@emiratesnbd.com
About SAP
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device - SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 248,500 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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About MDS ap
MDS ap is a professional service provider of SAP solutions. We are the MENA regional leader in implementing of SAP Enterprise Performance Management and Group Finance Solutions. Our areas of expertise cover Strategic Finance, Planning, Budgeting and Forecasting, Management Reporting, Analytics Business Intelligence as well as Financial Consolidation and Legal Entity Management. Our deep solution knowledge and passion for quality have enabled our consultants to translate customer requirements into optimized business processes using world class technology.
For more information, please email: epm@mdsaptech.com
Media contacts
Husain Al Tamimi, SAP, +971 56 6811 641, husain.tamimi@sap.com
Claire McPeak, SAP, +971 4 330 1777, c.mcpeak@sap.com
Steve Baron, Wallis Marketing Consultants, +971 4390 1950,sap@wallis-mc.com
TBC
© Press Release 2015
