{"id":94227,"date":"2024-07-26T00:00:00","date_gmt":"2024-07-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-banks-post-solid-2q-2024-earnings\/"},"modified":"2024-07-26T00:00:00","modified_gmt":"2024-07-26T00:00:00","slug":"more-banks-post-solid-2q-2024-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/26\/more-banks-post-solid-2q-2024-earnings\/","title":{"rendered":"More banks post solid 2Q 2024 earnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The latest in a stream of earnings:<\/strong> Our friends at Mashreq, First Abu Dhabi Bank, and United Arab Bank reported solid 2Q 2024 earnings. Meanwhile, Dubai Taxi, Emirates Driving, and NMDC posted their results. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Fast facts: <\/strong><span style=\"background-color: transparent;\">The net income of 10 UAE-listed banks increased by 12.3% y-o-y to AED 35.6 bn in 1H 2024, with Emirates NBD comprising the lion\u2019s share of net income with a bottom line of <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0d1a0644-29d5-45f6-9514-76aa3ee808f4\/emirates%253cmark%253e-nbd%253c%2Fmark%253e,-adcb,-sib,-and-more-see-bottom-line-growth-in-2q-2024\" rel=\"noopener\">AED 13.78 bn<\/a><span style=\"background-color: transparent;\">, according to <\/span><a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/uae\/2024-07-25-1.4909667\" rel=\"noopener\">Al Bayan<\/a><span style=\"background-color: transparent;\"> data. DFM-listed lenders saw profitability rise by 12.9% y-o-y to AED 18.85 bn during the period, while banks listed on the Abu Dhabi bourse logged a slightly lower 12% y-o-y climb in net income to AED 16.8 bn.<\/span><\/p>\n<p class=\"tag-border-left\">MASHREQ-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our friends at Mashreq posted AED 2.01 bn in net income after tax,<\/strong> up 4% y-o-y in 2Q 2024, driven by an increase in net interest income, which is the difference between returns on loans and payouts on deposits, according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2090.pdf\" style=\"\" rel=\"noopener\">earnings report (pdf)<\/a>. The bank\u2019s net interest income and income from Islamic financing increased 11% y-o-y to AED 2.08 bn, while its total operating income rose 15% y-o-y to AED 2.98 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a six-month basis, Mashreq saw its net income jump 14% y-oy to AED 4.05 bn. <\/strong>The lender logged AED 6.13 bn in total operating income for 1H 2024, marking a 20% y-o-y increase compared to 1H 2023. Net interest income rose 17% y-o-y during the six-month period to AED 4.22 bn on the back of a \u201csubstantial expansion of the balance sheet supported by healthy client margins.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank\u2019s total assets rose 20% y-o-y to AED 253.47 bn, <\/strong>with loans and advances growing 22% y-o-y to a cumulative AED 162.97 bn. Meanwhile, customer deposits climbed 21% y-o-y to AED 153.96 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur results demonstrate that, despite the challenging global environment, we are making excellent progress on our strategic priorities and achieving industry-leading financial performance. This progress was primarily driven by sustained, strong net interest income, while our high customer activity across the business led to a significant uplift in non-interest income, resulting in a 2Q return on equity of 27.6%,\u201d our friend Group CEO Ahmed Abdelaal said. <\/p>\n<p class=\"tag-border-left\">FIRST ABU DHABI BANK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First Abu Dhabi Bank reported a bottom line after tax of AED 4.27 bn in 2Q 2024,<\/strong> up 1% y-o-y and 3% from the previous quarter, according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2080.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. The UAE\u2019s largest lender attributed the performance to a \u201cstrong liquidity profile and solid asset quality,\u201d as well as growing net interest and non-interest income, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2079.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues rose 14% y-o-y to AED 7.76 bn during 2Q, with total assets reaching AED 1.2 tn as of 1H 2024<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a six-month basis,<\/strong> FAB saw its net income rise 3% y-o-y to a record AED 8.41 bn in 1H 2024. Operating income jumped 16% y-o-y to AED 15.73 bn, driven by an increase in the bank\u2019s net interest income, including a 20 bps y-o-y improvement in net interest margins, and solid business volumes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A boost in net interest income + loans and deposits:<\/strong> Net interest income grew 11% y-o-y to AED 9.76 bn, while non-interest income increased 26% y-o-y to AED 5.96 bn, and made up 38% of total revenue on the back of an increase in fees on loans, trade, and credit cards. Meanwhile, loans, advances, and Islamic finance were up 6% y-o-y to AED 513 bn, while deposits grew 1% y-o-y to AED 766 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cWe remain on track to meet our 2024 and medium-term guidance, and to deliver sustainable shareholder returns,\u201d CEO Hana Al Rostamani said.<\/p>\n<p class=\"tag-border-left\"> NATIONAL BANK OF FUJAIRAH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National Bank of Fujairah (NBF) saw its net income after tax grow 5.5% y-o-y to AED <\/strong><strong>190.1 mn <\/strong>in 2Q 2024 on the back of cost management, improvement in impairment positions, and a high interest rate environment, it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2092.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. NBF booked AED 590.34 mn in operating income, marking a 5.6% y-o-y growth. Net interest income saw a 3.1% y-o-y increase during the quarter, reaching AED 434 mn, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2089.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>..<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In 1H 2024, the lender\u2019s net income after tax increased 33% y-o-y to AED 441.2 mn<\/strong>, while operating income over the six-month period rose 8.2% y-o-y to AED 1.2 bn. <\/p>\n<p class=\"tag-border-left\">UNITED ARAB BANK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.uab.ae\/\" style=\"\" rel=\"noopener\">United Arab Bank<\/a><\/strong><strong> (UAB) saw its net income after tax grow 7% y-o-y to AED 70 mn in 2Q 2024, <\/strong>according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2092.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. Net interest income in 2Q rose 10% y-o-y to AED 111 mn, while total income fell 9% y-o-y to AED 137 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In 1H 2024, the bank posted AED 139 mn in net income after tax, <\/strong>up 15% y-o-y, and AED 243 mn net interest income, up 26% y-o-y. Total income came in at AED 300 mn, posting a 10% y-o-y jump. Meanwhile, UAB\u2019s total assets jumped 37% y-o-y to AED 19.8 bn in 1H 2024, attributable to growth in the lender\u2019s lending book and a growth in customer deposits. <\/p>\n<p class=\"tag-border-left\">COMMERCIAL BANK INTERNATIONAL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Commercial Bank International saw its net income inch up c. 1% y-o-y to AED 44.9 mn in<\/strong><strong> 2Q 2024<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2097.pdf\" style=\"\" rel=\"noopener\">financials (pdf).<\/a> Net operating income grew 6% y-o-y to AED 129.7 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In 1H 2024, the bank posted a 3% y-o-y increase in net income to AED 81.5 mn<\/strong>, while operating income fell 7% y-o-y to AED 250.1 mn. <\/p>\n<p class=\"tag-border-left\">NATIONAL MARINE DREDGING COMPANY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/en\/\" style=\"\" rel=\"noopener\">National Marine Dredging<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/en\/\" style=\"\" rel=\"noopener\">Company<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/en\/\" style=\"\" rel=\"noopener\">(NMDC)<\/a><\/strong><strong> saw its net income climb 42% <\/strong><strong>y-o-y to AED 820.2 mn in 2Q 2024, <\/strong>while revenues increased 91% y-o-y during the quarter to AED 6.78 bn, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2082.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a six-month basis, NMDC\u2019s net income increased 66% y-o-y<\/strong> in 1H 2024 to AED 1.46 bn, driven by cost optimization measures and technological advancements. Its top line rose 79% y-o-y to AED 12.13 bn, as the company was awarded \u201cseveral significant contracts\u201d during the period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NMDC is eyeing an over AED 75 bn project pipeline: <\/strong>NMDC is currently participating in tenders for projects worth AED 75 bn within and outside the Mena region, the company\u2019s CEO Yasser Zaghloul told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/49549\/%D8%A7%D9%84%D8%AC%D8%B1%D8%A7%D9%81%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A%D8%A9-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%B7%D9%85%D8%AD-%D9%84%D9%85%D8%B4%D8%A7%D8%B1%D9%8A%D8%B9-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-75-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85\/\" style=\"\" rel=\"noopener\">Asharq Business (watch, runtime, 8:10)<\/a>. NMDC has secured its first project in Europe, and plans to expand its footprint further in the continent and other active global markets, Zaghloul said, without disclosing further details. <\/p>\n<p class=\"tag-border-left\">DUBAI TAXI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Taxi recorded a 14% y-o-y drop in net income to AED 79.4 mn in 2Q 2024<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2094.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. Revenues grew 12% y-o-y to AED 531.2. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a six-month basis, the company saw its net income inch up 1% y-o-y to AED 187 mn<\/strong>, while revenues climbed 12% y-o-y to AED 939 mn. The flat income growth was attributed to the impact of corporate tax and finance costs, DTC said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2093.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The firm approved a dividend payout of AED 159.3 mn<\/strong>, equivalent to 6.37 fils per share for its 1H 2024 earnings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> \u201cOur outlook is positive, supported by Dubai\u2019s continued success as a leading business and leisure destination, with strong macroeconomic tailwinds enabling population growth and urban expansion, which we see driving long-term, sustainable demand growth for our services,\u201d CEO Mansoor Rahma Alfalasi said. <\/p>\n<p class=\"tag-border-left\"> EASYLEASE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADX-listed mobility solutions outfit and International Holding Company (IHC) <\/strong><strong>subsidiary <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.easylease.ae\/\" style=\"\" rel=\"noopener\">EasyLease<\/a><\/strong><strong>\u2019s bottom line halved <\/strong>to AED 5.2 mn in 2Q 2024, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2084.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The company\u2019s top line grew 34% to AED 92.4 mn during the same period. On a six-month basis, Easy Lease\u2019s bottom line rose 11% y-o-y to AED 18.2 mn in 1H 2024, while revenues grew 36% y-o-y to AED 189.7 mn.<\/p>\n<p class=\"tag-border-left\">EMIRATES DRIVING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates Driving\u2019s net income after tax in 2Q 2024 fell 9.5% y-o-y to AED 55.3 mn, <\/strong>according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2081.pdf\" style=\"\" rel=\"noopener\">financials (pdf).<\/a> Revenues inched up 6.2% y-o-y to AED 85.6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In 1H 2024, net income after tax fell 4% y-o-y to AED 119.3 mn<\/strong>, according to the statements.Its revenues grew 3% y-o-y to AED 175.8 mn. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mashreq, FAB, UAB, NMDC, and others report earnings<\/p>\n","protected":false},"author":1,"featured_media":94228,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[332,237,1406,390,1274,7,212,288,730,858,1005],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-dubai-taxi-company","tag-earnings-watch","tag-easylease","tag-easylease-motorcycle-rental","tag-emirates-driving","tag-enterpriseam-uae","tag-fab","tag-mashreq","tag-national-bank-of-fujairah","tag-national-marine-dredging-company","tag-united-arab-bank","wpautop","entry"],"acf":{"mongo_id":"b48ac8fb-1811-4b61-8ab6-c5b47b634350","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1768.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Mashreq, FAB, NBF, CBI, and UAB latest to report solid 2Q 2024 earnings","related_issue":[94213],"teaser":"Mashreq, FAB, UAB, NMDC, and others report earnings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.bf8f823e-bc6c-44ae-8562-452520c5df96.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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