Asset growth boosts Al Hilal Bank net

Abu Dhabi-based Al Hilal Bank net profit for 2013 rose 42 per cent to Dh441.4 million compared to the Dh310.3 million in 2012 on the back growth in assets along with improvement in asset quality and liability mix.

Its assets at the end of 2013 stood at Dh38.71 billion, up by 20 per cent over 2012’s Dh32.12 billion, the bank said in a press statement.

Customers’ deposit improved by 13 per cent, or Dh3.2 billion, to Dh28.2 billion within the same timeframe from Dh25 billion at the end of 2012. Around 25 per cent of customers’ deposits were current and savings accounts. In addition, financings grew by 18.3 per cent or Dh4.2 billion during 2013 to reach Dh27.1 billion.

Mohamed Jamil Berro, Group CEO of Al Hilal Bank, said: “Bank has been able to account for a significant share of the local banking market within the first five years of its existence. The bank has continuously witnessed steady growth since its establishment, posting a return on equity of 12 per cent in 2013 from 7.8 per cent in 2010. This is a result of successful implementation of the Bank’s strategy which guides us setting ambitious targets, delivering innovation and value to customers and making business decisions.”

The bank revealed that it is planning to open two new branches in the country within the year; bringing the number of branches to 24, which also includes three overseas branches in Kazakhstan.

To date, Al Hilal Bank serves 85,000 customers. In 2013 alone, its customer base stood at 81,000 clients. The bank was also able to attract about 4,000 new customers in less than two and a half months this year.

At the end of 2013, the total equity grew by 12.5 per cent to reach Dh3.93 billion which includes Dh3.09 billion of paid-up capital from shareholders since the bank’s inception. Its nonperforming loans also improved to around 1.2 percent of the total financings in 2013, the lowest percentage recorded in the UAE, the bank said.

Berro said: “It has also been commended for integrating the latest technological innovations into its banking services that provides our customers with innovative channels to transact with us conveniently. Al Hilal Bank will soon be the first bank in the UAE to allow customers to use their Emirates ID cards to make ATM cash withdrawals.”

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