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Lower impairments boost Emirates NBD Q2 profit

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Lower impairments boost Emirates NBD Q2 profit

reportedsecond-quarter profit attributable to equity holders of the group of 1.91billion United Arab Emirates dirhams, compared to 1.65 billion dirhams a yearago.

EPS rose year over year to 32 filsfrom 27 fils.

Net interest income amounted to2.12 billion dirhams, compared to 2.10 billion dirhams in the second quarter of2015. Net fee and commission income increased to 727.6 million dirhams from680.6 million dirhams.

Net income from Islamic financingand investment products rose to 420.9 million dirhams from 399.4 milliondirhams in the second quarter of 2015. Net gains on trading securities alsorose, to 58.0 million dirhams from 28.4 million dirhams.

The lender booked a netimpairment loss on financial assets of 626.2 million dirhams in the secondquarter, down from 900.8 million dirhams in the year-ago period.

For the first half, Emirates NBDreported group attributable profit of 3.72 billion dirhams, up from 3.32billion dirhams in the same period in 2015. EPS increased to 62 fils from 54fils.

The first-half net interestmargin declined year over year to 2.58% from 2.83%. The bank's return ontangible equity dropped to 20.9% from 21.0%.

Emirates NBD's impaired loanratio stood at 6.6% as of June 30, down from 7.4% a year ago. The impaired loancoverage ratio rose to 118.5% at June-end from the year-ago 109.0%.

The capital adequacy ratio stoodat 20.5% as of June 30, compared to 20.7% at the end of 2015 and 21.0% a yearearlier. The Tier 1 ratio as of June-end stood at 17.8%, compared to 18.0% at2015-end and June 30, 2015.

As of July 15, US$1 was equivalent to 3.67 United Arab Emirates dirhams.