Feb 24 2011 |
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Emirates Bank International - Group Consolidated Financial Statements 31 December 2010
Disclosure type : Annual ReportAudit state : Audited
Report for period ended : Friday, December 31, 2010 12:00 AM
Results Highlights
- Net interest income for the year of AED 6.8 billion, down 8% versus 2009
- Non-interest income for 2010 of AED 2.9 billion, down 13% compared with 2009
Cost rationalisation initiatives proved successful:
- Operating expenses of AED 3.1 billion in 2010, a 14% improvement from 2009 across both staff and non-staff costs
- Improved cost to income ratio of 31.4% for the year (2009: 32.9%)
Credit quality pro-actively managed and underlying trends remain within expectation:
- Required specific provisions for Dubai World exposure made in full during 2010
- Prudent addition to portfolio impairment allowances of AED 335 million in 2010, taking total portfolio impairments to AED 2.2 billion
Excellent progress on balance sheet optimisation initiatives:
- Customer deposits at AED 200.0 billion, up 10% from AED 181.2 billion at the previous year-end
- Customer loans at AED 197.1 billion, down 8% from AED 214.6 billion at the end of 2009
- Headline loan to deposit ratio of 99% as at 31 December 2010 compared with 118% at end-2009
- Capital adequacy ratio further strengthened to 20.1% compared with 18.7% at the end of 2009
Net profit in 2010 of AED 2.3 billion, down 30% from the previous year
Earnings per Share of AED 0.37 for the year ended 31 December 2010 (2009: 0.58)
Cash dividend of AED 0.20 per share proposed-Ends-
© Press Release 2011
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