Emirates NBD has annouced that its net profit for Q1 was up 4% year on year and up 1% quarter on quarter to AED 1.87 billion.
According to a press release, the gain was due a control on expenses and lower provisions.
Net interest income improved 1% quarter on quarter due to loan growth coupled with an improvement in margins, while core gross fee income increased 27% quarter on quarter and 7% year on year on the back of higher income from forex and rates.
'Net interest margin improved during the quarter as rate rises flowed into loan yields and funding pressures receded. The Bank’s balance sheet continues to strengthen with further improvements in credit quality and liquidity, coupled with solid capital ratios,' the release stated.
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