Emirates NBD Named ‘Bank of the Year – UAE 2016’ by The Banker

Emirates NBD Named ‘Bank of the Year – UAE 2016’ by The Banker
21 December 2016 -
  • Emirates NBD Named ‘Bank of the Year – UAE 2016’ by The Banker
    Emirates NBD Named ‘Bank of the Year – UAE 2016’ by The Banker Emirates NBD Named ‘Bank of the Year – UAE 2016’ by The Banker

Dubai, 21 December, 2016: Emirates NBD, a leading bank in the region, today revealed that it has been named The Lender's 'Bank of the Year - UAE 2016'. The awards, thought about amongst one of the most respected by the global banking community, acknowledge Emirates NBD's strong financials and introducing strategy to the digitalisation of banking.

In granting the top UAE title to Emirates NBD, The Lender specified that "Emirates NBD's commitment to customer support excellence, efficiency, geographic development and digital innovation all made sure that it scooped this year's nation award for the UAE. The bank's return on equity stood at a healthy and balanced 21.5% in 2015 while its cost-to-income proportion was an enviable 31%. These solid outcomes were emphasized by Emirates NBD's dedication to product and service innovation for new and existing customers."

Talking about the win, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD stated: "To be named 'Bank of the Year' for the second year straight by a respected establishment such as The Lender is undoubtedly an honour. Emirates NBD has kept healthy and balanced and favorable economic lead to the face of challenging financial problems, with consistent development in market share. In terms of digital innovation, we have totally transformed in the previous year to become a multichannel, incorporated monetary services establishment that provides our customers with a premium, problem-free and new age consumer experience."

Emirates NBD's drive towards digital innovation and advancement is paying rewards. 87% of the bank's total transactions were executed beyond the branch in 2014. On top of that, greater than 750,000 customers have downloaded the mobile application. These fads caused an inflection factor in 2015, whereby the bank saw digital transactions expand by 29% while branch transactions decreased by 15%. Emirates NBD now sources between 10% and 15% of its new business via digital channels across multiple sectors and business lines. As part of a AED 500 million investment to its multichannel transformation in the next three years, the bank likewise introduced the Emirates NBD Future Lab ™ to work together with existing partners and clients in the private and public sector in addition to identify fintech pioneers to create pioneering ideas for prototyping. Numerous of the bank's most successful banking services could be associateded with its ingrained society of innovation.

The recognition by The Banker is the current in a collection of global awards obtained by the bank. Last month, Emirates NBD won Banking and Financing Company of the Year' at the Arabian Business Accomplishment Awards Previously this year, Emirates NBD came to be the first bank in the UAE and the Middle East to win in three categories of the Euromoney Awards for Excellence 2016: Finest Bank in the Middle East, Finest Bank in the UAE and Ideal Digital Bank between East. Emirates NBD was likewise named Bank of the Year - Middle East 2015' by The Lender; Banking Company of the Year' at the 2016 Gulf Business Industry Honors; Best Customer Digital Bank in Middle East and Africa' in the UAE and 'Finest Mobile Banking Application' Middle East and Africa, for the second year running, in addition to being named 'Best in Mobile Banking' for Middle East and Africa at Global Money's Best Digital Bank Awards.