Emirates NBD Announces First Half 2013 Results

For immediate release Emirates NBD Announces First Half 2013 Results Net Profit up 40% to AED 1.81 billion Dubai, 22 July 2013 Emirates NBD (DFM: EmiratesNBD), the leading bank in the region, today announced its half year results for the period ended. Results Highlights H1 2013 net profit of AED 1.81 billion, up 40% compared with AED 1.29 billion in H1 2012 Total income of AED 5.55 billion, up 7% from H1 2012 Operating profit before impairments of AED 3.64 billion, up 10% from H1 2012 Net impairment loss on financial assets of AED 1.88 billion, improved by 8% compared with H1 2012 Total assets up 9% at AED 334.8 billion compared with AED 308.3 billion at the end of 2012 Customer loans at AED 231.8 billion, up 6% compared with AED 218.2 billion at the end of 2012 Customer deposits at AED 230.4 billion, up 8% compared with AED 213.9 billion at the end of 2012 Headline loan to deposit ratio at 101% as against 102% at the end of 2012 Capital adequacy ratio at 18.5% Emirates NBD s Chief Executive Officer, Mr. Rick Pudner, said: During the first half of 2013, we have once again delivered a robust set of financial results with net profit for the period up by 40% compared to the same period in 2012. This is a reflection of positive momentum in the UAE economy which has continued to be resilient despite the continued uncertain global economic climate. The growth momentum in our retail and Islamic franchises has evidently gained pace. During the period, we have also successfully completed the acquisition of BNP Paribas (BNPP) Egypt. Emirates NBD s Chief Financial Officer, Mr. Surya Subramanian, said: The operating performance during the first half of 2013 has been strong supported by top line growth and effective management of net interest margin. Preimpairment operating profits increased by 10% compared to the same period in 2012. The Bank has continued to optimize its balance sheet through increase of Tier 1 capital by AED 3.67 billion, Tier 2 capital by AED 2.9 billion, AED 2.7 billion medium term borrowings and has also repaid AED 7.8 billion of Ministry of Finance (MoF) Deposits received in 2008. Page 1 of 8

Financial Review AED million Half year ended 30 Jun 2013 Half year ended 30 Jun 2012 Better / (Worse) (%) Quarter ended 30 Jun 2013 Quarter ended 30 Jun 2012 Better / (Worse) (%) Net interest income 3,661 3,416 7% 1,913 1,639 17% Noninterest income 1,889 1,769 7% 1,007 860 17% Total income 5,550 5,185 7% 2,920 2,499 17% Operating expenses (1,882) (1,836) (3%) (973) (894) (9%) Amortisation of intangibles (32) (40) 20% (16) (20) 19% Operating profit before impairment 3,636 3,309 10% 1,931 1,585 22% Impairment allowances (1,884) (2,055) 8% (997) (954) (4%) Operating profit 1,752 1,254 40% 934 631 48% Impairment and share of profit/(loss) of associates 67 46 46% 41 21 95% Taxation charge (10) (11) 9% (3) (5) 40% Net profit 1,808 1,289 40% 972 647 50% Cost to income ratio (%) 33.9% 35.4% 1.5% 33.3% 35.8% 2.5% Net interest margin (%) 2.42% 2.43% (0.01%) 2.48% 2.28% 0.20% EPS (AED) 0.30 0.21 43% 0.19 0.10 82% Return on average shareholders equity (%) 13.7% 10.2% 3.5% 14.9% 10.3% 4.6% AED billion as at 30Jun 2013 as at 31Dec 2012 Better/(Worse) (%) as at 31 Mar 2013 Better/(Worse) (%) Total Assets 334.8 308.3 9% 315.8 6% Loans 231.8 218.2 6% 220.6 5% Deposits 230.4 213.9 8% 223.0 3% Impaired Loan Ratio (%) 13.9% 14.3% 0.4% 14.2% 0.3% Impaired Loan Coverage Ratio (%) 53% 49% 4% 51% 2% Capital Adequacy Ratio (%) 18.5% 20.6% (2.1%) 19.7% (1.2%) Tier 1 Ratio (%) 14.5% 13.8% 0.7% 13.5% 1.0% Total Income Total income for H1 2013 amounted to AED 5,550 million; an increase of 7% compared with AED 5,185 million in H1 2012. Net interest income for H1 2013 improved by 7% to AED 3,661 million from AED 3,416 million in H1 2012. The improvement in net interest income is attributable mainly to higher spread in loans and deposits which is partly offset by lower treasury spreads. Noninterest income recorded an increase of 7% to AED 1,889 million in H1 2013 compared with H1 2012, driven primarily by increased banking fee income, brokerage fee income, gain on sale of investment securities and foreign exchange income. Page 2 of 8

Total Costs Costs in H1 2013 amounted to AED 1,882 million and saw a marginal increase by 3% over the previous year due to higher staff costs, BNPP Egypt acquisition and BNPP Egypt administrative costs. However the Cost to Income ratio for H1 2013 improved by 1.5% from H1 2012 as improving top line momentum, as expected, offset the increase in costs which were primarily directed at customer facing activities. Credit Quality and Impairments Emirates NBD continues to proactively manage credit quality and impaired loans across the bank s corporate, Retail and Islamic financing portfolios which have improved marginally during H1 2013 by 0.4% to end the period at 13.9%. The impairment charge in H1 2013 improved by 8% to AED 1,884 million compared with AED 2,055 million in H1 2012. This impairment charge was primarily composed of specific provisions made in relation to the bank s corporate and Islamic financing portfolios. As at, total portfolio impairment allowances amount to AED 3.7 billion or 2.8% of unclassified credit risk weighted assets, in excess of the UAE Central Bank requirement of 1.5% by AED 1.7 billion. Associates and Joint Ventures The positive contribution of the Bank s investments in associates and joint ventures amounted to AED 67 million during the period compared with AED 46 million in H1 2012. The carrying value of Union Properties PJSC (UPP) has decreased as a result of sale of a portion of UPP shares held by Emirates NBD in H1 2013. Net Profit Net profit for the Group was AED 1,808 million for H1 2013, 40% above the profit posted in H1 2012 of AED 1,289 million due to a higher top line and bottom line growth. Customer Loans and Deposits Customer Loans as at (including Islamic financing) amounted to AED 231.8 billion, an increase of 6% from end 2012. Customer Deposits as at were AED 230.4 billion, an increase of 8% from end 2012. The loan to deposit ratio marginally improved in H1 2013 to 100.6% from 102.0% at the end of 2012. Capital As at, the bank s total capital adequacy ratio and Tier 1 capital ratio were 18.5% and 14.5% respectively. The movement in capital ratio is mainly due to increase in risk weighted assets resulting from the Egypt acquisition and repayment of AED 7.8 billion MoF deposits; which was mainly offset by new Tier 1 and Tier 2 capital, which the Bank raised during the period. Risk weighted assets increased by 5% during the period, as expected, primarily from the Egypt acquisition. Tier 1 ratio increased by 0.7% relative to end2012 as a result of the new issue of Tier 1 capital. Page 3 of 8

Business Performance Consumer & Wealth Management (CWM) In H1 2013, income for the division increased by 9% over H1 2012 to AED 2,422 million from AED 2,229 million. This was driven by 6% growth in net interest income and a 14% improvement in fee income. During the period, CWM continued its focus on increasing revenue with several initiatives being launched to improve processes and customer service. Credit quality remained tightly managed and retail loan portfolio delinquencies during the period continued to witness the improving trends evident throughout 2011 and 2012. CWM s sustained focus on deposit growth during H1 2013, driven by a strong momentum in current and savings account, resulted in growth of 9% in customer deposits from end2012 levels to reach AED 96 billion. In Auto Loans, an exclusive tie up with Porsche Financial Services was launched across all dealer counters at Porsche, Audi and Volkswagen in the UAE the first of its kind in the region. Mortgage bookings continued steady growth from end2012 with the increased activities in the real estate sector. Various new products were launched during the period such as enhanced Safe Deposit Locker Proposition, Chinese Yuan account, Retail Islamic Liabilities product suite and goal based Recurring Deposit. Done Deals platform was launched for Credit and Debit cardholders in partnership with Cobone, offering a variety of discounts on products and services. Business Banking launched the RISE initiative, providing SME owners in the UAE with a comprehensive platform to learn, connect and grow their businesses. Emirates NBD was awarded "Best Retail Bank in the UAE" by the Asian Banker in March 2013. This is recognition of a longterm, sustainable, profitable franchise with the customer at its core proposition. The Emirates NBD Corporate Card was awarded the 'Best Corporate Card' at the Smart Card Awards Middle East 2013, for the second consecutive year. Wholesale Banking Despite an ongoing challenging environment, Wholesale Banking continued its robust performance in H1 2013 and delivered a healthy net profit of AED 532 million; up by 76% as compared to H1 2012. Net interest income increased by 5.3% in H1 2013 to AED 1,583 million compared with AED 1,503 million in H1 2012 and management s focus on nonfunded/service related avenues resulted in growth in fee and commission income by 14% to AED 646 million compared with AED 567 million in H1 2012, particularly from foreign exchange and debt capital markets activities. In terms of balance sheet, H1 2013 registered an increase of 5% both in its Loan and Deposits book as compared to end2012; reflecting the management s drive to steadily grow quality assets accompanied by lower provisioning requirements in H1 2013 by 11% compared to H1 2012. Page 4 of 8

The Investment Banking platform, Emirates NBD Capital Ltd, continued its strong performance in H1 2013 and executed several notable transactions which included acting as mandated lead arranger, advisor and bookrunner for syndicate loans with total deal value of USD 10.6 billion for major clients like Archirodon Group NVNetherlands, Saudi Oger Limited, Zain Group Kuwait, SBER Bank Russia, and Investment Corporation of Dubai. It also acted as joint lead arranger and bookrunner for several Sukuk and Bond issuers including Emirates NBD, Emirates Airlines, Government of Dubai and DEWA. During H1 2013, the management continued execution of its comprehensive wholesale banking strategy and transformation process of becoming the dynamic Wholesale Banking powerhouse in the Middle East and witnessed successful results during the period which enhanced the division s overall performance. Global Markets & Treasury (GMT) GMT reported a total income of AED 216 million for H1 2013 as against AED 443 million in H1 2012. Income generation was broad based. During 2013, Sales Desk continued to show healthy revenues in line with 2012. Corporate clients are looking to hedge Foreign Currency payables at favourable foreign exchange rates. Balance Sheet hedging products saw an expected increase with more clients looking to take advantage of a prevailing low interest rate environment. Improved customer activity is expected during the second half of the year on the back of marked improvement in the US economy and anticipated quantitative easing (QE) rollback by Federal Reserve. During the first half, Trading Desk has performed broadly in line with 2012. The performance was broad based across products with foreign exchange trading, credit trading having better performance and Rates Trading, which remained down, is expected to pick up in second half of the year. In a landmark deal by the Global Funding desk, Emirates NBD improved the capital structure of the bank by issuing AED 3.67 billion Tier I Perpetual non call 6 Notes, AED 7.8 billion of Ministry of Finance funds were also repaid. Islamic Banking (IB) H1 2013 financial result reflects IB s aspiration to become the leading Islamic bank in the region with a net profit of AED 115 million as compared to a net loss of AED 91 million in the same period last year. Total income after customers share of profit witnessed an increase to AED 701 million from AED 556 million for the same period last year, an increase of 26%. Financing receivables grew marginally by 2% to AED 23.7 billion from AED 23.3 billion as at December 2012. IB continued to implement its aggressive growth plans and is being regarded as the fastest growing Islamic bank in the region. The H1 2013 growth sets up the tone right for IB success with primary focus on the retail segment Page 5 of 8

and strengthening the corporate segment by introducing innovative products. In H1 2013, IB continued its offerings to target segments of SMEs and priority clients, with several new products like commercial finance and POS finance. In recognition of the IB transformation, the Bank has been recognized as the Best Islamic Bank in the UAE 2013 by two prestigious international magazines, Capital Finance International (CFI) and World Finance. The awards came as a confirmation of the success the bank had in 2012. Information Technology and Operations (ITO) In H1 2013, Group IT finalized the Transition Service Agreement with BNP Paribas Paris. Project board approval was obtained and a mandate project has been initiated to finalize the application and Infrastructure landscape for the integration. Following the Customer Relationship Management (CRM) implementation for Emirates Islamic Bank, Siebel CRM was rolled out for Emirates NBD as well, as the Campaign, Lead & Opportunity Management tool enables the bank to have a structured Marketing & Sales experience across all frontline staff. Since the golive date, Emirates Islamic Bank has launched multiple campaigns across channels i.e. Internet Banking, SMS, Email, Website. Crosssell campaigns have been launched across branches and the online channels. The Contact Center and Direct Sales Force have also been migrated to CRM for lead and opportunity management. In addition, the Combat Risk Solution was delivered for Emirates NBD to manage the risk and statutory requirements in three of the international business locations London, Singapore and KSA. Group IT s Lean Transformation program continued with focus on strengthening the customer experience and enhancing end user satisfaction during H1 2013. As part of the Information Security program, several campaigns have been launched through social media and other channels with an objective of building customer awareness on secure banking practices. Procurement and Realty Services have delivered efficiencies during H1 2013. Negotiations have been concluded for a single ATM vendor providing the Group with significant added value including the replacement of more than 200 machines. Page 6 of 8

Group Initiatives Tanfeeth Over H1 2013, Tanfeeth made significant progress in delivering its target of a 15% improvement in all key performance areas for the Group, in addition to the acrosstheboard service improvements of 2030% made in 2012. Tanfeeth s strategy to achieve this focuses on continuing to institutionalise a lean operating culture through widescale business transformations, implementation of its bestpractice Tanfeeth Operating Model, and through extensive people investments. This includes comprehensive learning and development, and performance management systems. In H1 2013, Tanfeeth continued delivering services for a leading telecommunications provider and government authority in the UAE, and is now nearing successful completion of its first transformation and advisory engagement for a regional banking organization. During the period, Tanfeeth also reached a significant milestone, hitting 2,000Full Time Employees (FTEs). As Tanfeeth s top strategic priority, for the remainder of 2013, it will maintain concerted efforts to expand its geographic footprint in the GCC region across a range of industries and sectors, while delivering value for its parent company. Outlook The UAE remains wellpositioned to enjoy solid growth in 2013 driven by an expansion in nonoil sectors, particularly manufacturing, tourism and retail sectors, which should offset an expected stabilisation in oil production. Although the external environment remains challenging, economic data in the first half of 2013 supports our view that growth is likely to come in at 3.8% this year from an estimated 4.4% in 2012. Emirates NBD is well placed to capitalise on the improving economic fundamentals as the Bank has a clear strategy in place to further enhance shareholder returns and take advantage of the selected growth opportunities. This strategy is built around five core building blocks which include delivering excellent customer experience, building a high performance organisation, driving core businesses, running an efficient organisation and driving geographic expansion. END Page 7 of 8

Notes to editors: Awards Emirates NBD named UAE s Best Foreign Exchange Provider 2013 by Global Finance. Emirates NBD Asset Management named UAE Asset Manager of the Year at MENA Fund Manager Awards 2013. Emirates NBD Securities has been declared as Winner of NASDAQ Dubai s Retail Broker of the Month Award for February 2013. Emirates NBD named Best Retail Bank in the UAE by the Asian Banker. Emirates NBD wins bronze award for best sponsorship of Omega Dubai Desert Classic. Emirates NBD wins Best SME Internet Banking Service award by Banker Middle East. Emirates NBD wins Best Corporate Card Award for two consecutive years at the Smart Card Awards Middle East 2013. Emirates NBD wins Visa LEADER Award as The Best Issuing Institution in MENA at the Visa APCEMEA 2013 Security Summit. Emirates NBD Securities won Retail Broker of the Month for March 2013 at NASDAQ Dubai awards. Emirates NBD wins 'ebanking 2013 Excellence Award' for best mobile banking application at the 18th Middle East egovernment and e Services Excellence Awards. Emirates NBD wins Best Borrower in the ME by Euroweek. Emirates NBD named Best Bank in the UAE at the Euromoney Awards for Excellence 2013. About Emirates NBD Emirates NBD (DFM: Emirates NBD) is a leading bank in the region. Emirates NBD has a leading retail banking franchise, with 210 branches and over 901 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena, and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations. The bank has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and Jersey (Channel Islands), and representative offices in India and China. For more information, please visit: www.emiratesnbd.com For more information: Ibrahim Sowaidan Head Group Corporate Affairs Emirates NBD Telephone: +971 4 6094113 / +971 50 6538937 Investor Relations Emirates NBD Telephone: +971 4 2012606 email: IR@emiratesnbd.com Page 8 of 8

Q2 2013 Results Presentation July 22, 2013 1

Important Information Disclaimer The material in this presentation is general background information about Emirates NBD's activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take in to account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. The information contained here in has been prepared by Emirates NBD. Some of the information relied on by Emirates NBD is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. Forward Looking Statements It is possible that this presentation could or may contain forwardlooking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forwardlooking statements can be identified by the fact that they do not relate only to historical or current facts. Forwardlooking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group s plans and objectives, to differ materially from those expressed or implied in the forwardlooking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forwardlooking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. Emirates NBD undertakes no obligation to revise or update any forward looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. 2

Q2 2013 Financial Results Highlights Highlights Net profit of AED 972 million, improved by +50% vs. Q2 2012 and +16% vs. Q1 2013 Net interest income improved by +17% yoy and +9% qoq Noninterest income improved by 17% yoy and by 14% qoq; core fee income improved by 6% qoq Costs increased by 6% yoy, 4% qoq while Cost to Income Ratio improved by 3.3% yoy and 2.1% q oq after excluding acquisition costs relating to the Egypt transaction Continued balance sheet derisking and conservative provisioning resulted in net impairment allowances of AED 997 million Net loans increased 11% yoy and 5% qoq Deposits increased 3% qoq and 11% yoy Headline LTD ratio at 101% vs.100% at end of Q2 2012 Key Performance Indicators AED million Q2 2013 Q2 2012 Better/ (Worse) Q1 2013 Better/ (Worse) Net interest income 1,913 1,639 17% 1,748 9% Noninterest income 1,007 860 17% 882 14% Total income 2,920 2,499 17% 2,630 11% Operating expenses (973) (894) (9%) (909) (7%) Amortisation of intangibles (16) (20) 20% (15) (7%) Preimpairment operating profit 1,931 1,585 22% 1,706 13% Impairment allowances (997) (954) (4%) (888) (12%) Operating profit 934 631 48% 818 14% Share of profits of associates 41 21 90% 26 54% Taxation charge (3) (5) 40% (7) 57% Net profit 972 647 50% 837 16% Cost: income ratio 33.3% 35.8% 2.5% 34.6% 1.3% Net interest margin 2.48% 2.28% 0.2% 2.39% 0.09% AED billion 30Jun13 30Jun12 Better/ (Worse) 31Mar13 Better/ (Worse) Loans 231.8 208.2 11% 220.6 5% Deposits 230.4 208.4 11% 223.0 3% 3

Net Interest Income Highlights Net Interest Margin (%) NIM increased by 9 bps from 2.39% in Q1 2013 to 2.48% in Q2 2013 which coupled with balance sheet growth resulted in an increase in net interest income which is 9% higher than the previous quarter Q2 2013 NIM increase is driven mainly by higher spreads in loans and deposits partly offset by decrease in treasury spreads 2.53 2.47 2.96 2.63 2.85 2.69 2.63 2.28 2.45 2.42 2.35 2.47 2.43 Qtrly NIM YTD NIM 2.48 2.39 2.39 2.42 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Net Interest Margin Drivers (%) Q4 2012 to Q2 2013 2.47 0.04 0.04 0.04 0.13 0.04 2.39 0.01 0.02 0.03 2.48 Q4 2012 Loan Spreads Deposit Spreads Treasury Spreads Other Q1 2013 Loan Spreads Deposit Spreads Treasury Spreads Other Q2 2013 4

Funding and Liquidity Highlights Loan to Deposit (LTD) Ratio (%) Headline LTD ratio of 100.6% at Q2 2013 The LTD ratio is being managed within a target range of 95%105% Liquid assets* of AED 32.2 billion as at (11% of total liabilities) Issued AED 2.42 billion medium term debt during 2013 via private placements Issued AED 3.6 billion of Tier 1 capital notes Issued AED 2.75 billion of Tier 2 notes in March 2013 Repaid AED 1.3 billion of subordinated debt Repaid AED 7.8 billion to Ministry of Finance in H1 2013 96.3 Q2 11 107.0 Q3 11 105.1 Q4 11 97.9 Q1 12 99.9 Q2 12 99.2 Q3 12 LTD Ratio (%) 102.0 100.6 98.9 Q4 12 Q1 13 Q2 13 Composition of Liabilities and Maturity of Debt Issued (AED million) Composition of Liabilities Debt / Sukuk Issued Others Banks 7% 10% 4% 78% Customer deposits 2,299 2013 2,617 Maturity Profile of Debt/Sukuk Issued 100% = AED 21.4 billion *including cash and deposits with Central Banks but excluding interbank balances and liquid investment securities 2014 1,254 2015 1,562 2016 5,910 2017 3,069 2018 43 2019 200 2020 1,502 2022 2,932 2023 5

Loan and Deposit Trends Highlights Trend in Gross Loans by Type (AED billion) Signs of modest pickup in new underwriting across all business segments with 12% growth in gross loans from Q2 2012 Gross loans given to customers of BNP Paribas Egypt are AED 3.8 billion. 66% of these loans relate to corporate customers Customer deposits of BNP Paribas Egypt are AED 7.3 billion. 54% of these deposits are CASA Balance sheet optimisation initiatives successful in improving deposit mix: 223 172 21 30 0 Q2 12 Corporate 227 176 21 30 0 Q3 12 Consumer +12% 234 179 33 0 Q4 12 181 34 0 Trend in Deposits by Type (AED billion) 22 Islamic 238 23 Q1 13 Treasury 249 189 26 34 0 Q2 13 +5% Growth of 11% in deposits +11% CASA growth of 32% or AED 28 billion from Q2 2012 and 13% from Q1 2013 208 1 214 1 214 1 223 2 230 2 112 +3% 50% of total deposits in the form of CASA at end of Q2 2013 compared to 42% and 43% at end of Q2 2012 and Q4 2012 respectively 119 122 88 90 91 101 116 Q2 12 Other 123 Q3 12 Time CASA Q4 12 120 Q1 13 Q2 13 6

NonInterest Income Highlights Noninterest income improved by 14% qoq and 17% yoy Increase of 80% yoy and 52% qoq in income from noncore items due to: Higher property income in Q2 2013 from the gain on sale of properties held as inventory due to a robust real estate market Lower investment securities income in Q2 2013 due to higher credit spreads Core fee income improved qoq and yoy by 6%, key trends being: Improvement in banking fee income (15% qoq and 27% yoy) arising from increased fee on Loan Syndication as we reached out to regional customers Improvement in brokerage/asset management fee income (27% qoq and 52% yoy) Forex, Rates & Other was stable qoq & was 16% lower yoy Composition of Non Interest Income (AED million) AED million Q2 2013 Q2 2012 Better/ (Worse) Trend in Core Gross Fee Income (AED million) Q1 2013 Better/ (Worse) Core gross fee income 823 748 10% 750 10% Fees & commission expense (53) (20) 165% (24) 121% Core fee income 770 728 6% 726 6% Property income 116 5 2200% 32 263% Investment securities income / (loss) 121 127 (5%) 124 (2%) Total Non Interest Income 1,007 860 17% 882 14% +10% 823 747 750 645 674 216 255 215 163 198 47 31 17 32 37 303 308 279 334 384 158 157 Q2 12 Q3 12 Forex, Rates & Other Brokerage & AM fees 165 164 Q4 12 Fee Income Trade finance Q1 13 176 Q2 13 +10% 7

Operating Costs and Efficiency Highlights Cost to Income Ratio (%) Q2 2013 Costs increased by 6% yoy (Excluding costs of the Egypt acquisition). CI Ratio improved yoy and qoq Excluding the BNP Paribas Egypt numbers, the CI ratio would have been 33.1% at Q2 2013 Costs increased by 7% qoq by AED 64 million to AED 973 million in Q2 2013 resulting from: BNP Paribas Egypt acquisition costs AED 24 million BNP Paribas Egypt administrative costs AED 18 million Increase in other costs by AED 20 million The cost to income ratio will be managed to the longer term target range of c.34%35% 35.3 35.1 35.8 35.9 35.2 34.6 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 CI Ratio Cost Composition (AED million) 894 875 76 69 +9% 958 909 973 79 8 3 523 502 534 579 619 61 58 55 65 68 60 66 71 75 74 166 178 216 192 212 33.3 Q2 13 +7% Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Dubai Bank Occupancy cost Other Cost Staff Cost Depreciation 8

Credit Quality Highlights Q2 2013 net impairment charge of AED 997 million driven principally by additional net specific corporate loan provisions Total portfolio impairment allowances amount to AED 3.7 billion or 2.8% of credit RWAs Management targets for impaired loan coverage ratios: 80%85% on underlying NPL portfolio 55%60% on overall impaired loans to be achieved by 2013 Target coverage ratios to be achieved through more conservative provisioning for and recognition of impaired loans Impaired Loan & Coverage Ratios (%) 70.3 72.3 69.8 73.0 74.1 46.2 47.8 49.4 51.4 52.7 14.4 14.4 14.3 14.2 13.9 6.3 6.2 6.1 6.0 5.7 8.1 8.2 8.2 8.2 8.2 Q2 12 Q3 12 Impact of DW/DH* % Q4 12 Q1 13 Q2 13 Coverage ratio, excl. DW/DH* % NPL ratio, excl. DW/DH* Coverage ratio, incl. DW/DH* % Impaired Loans and Impairment Allowances (AED billion) 31.9 13.9 9.3 4.5 3.8 0.4 32.9 14.2 9.6 4.8 3.9 0.4 Impaired Loans 33.6 14.4 10.1 4.9 3.8 0.4 33.8 14.3 10.6 4.7 3.8 0.4 34.7 14.3 11.3 5.1 3.7 0.3 14.8 2.1 6.8 3.7 0.2 1.9 Impairment Allowances 15.6 2.2 7.2 3.8 0.3 2.1 16.6 3.2 7.3 3.8 0.2 2.1 17.3 3.1 7.9 3.8 0.2 2.3 18.3 3.2 8.4 3.8 0.2 2.7 Q2 12 DW/DH* Q3 12 Core Corporate Q4 12 Retail Q1 13 Q2 13 Q2 12 Islamic Investment Securities Q3 12 Q4 12 Q1 13 Q2 13 *DW/DH = includes D1 (exposure AED 9.3 billion; provision AED 506 million) and D2B (exposure AED 4.6 billion; provision AED 2.51 billion) 9

Capital Adequacy Highlights Capitalization CAR declined 1.2% while T1 increased by 1% qoq to 18.5% and 14.5% respectively resulting from: Increase in Tier 1 capital by AED 3.5 billion in H1 2013 due to the newly issued T1 capital of AED 3.7 billion in May 2013, net profit of AED 1.8 billion, deduction of goodwill and intangibles of AED 0.5 billion related to the Egypt acquisition and the dividend payout of AED 1.4 billion paid in March 2013 5% increase in RWAs due to the inclusion of BNP Paribas Egypt s assets Net decrease in T2 capital of AED 5.7 billion due to the repayment of T2 of AED 7.8 billion (eligible after amortization: AED 6.2 billion) during Q2 2013 partially offset by the new issuance of T2 capital of AED 2.88 billion The impact of the Egypt acquisition was anticipated when we first announced the transaction and excluding the same, ENBDs T1% and the CAR% would have been at 15.5% and 19.6% respectively 19.5 19.9 20.6 19.7 18.5 12.8 13.2 13.8 13.5 14.5 43.9 44.5 45.0 43.2 42.8 14.9 14.9 14.9 13.8 9.2 29.0 29.6 30.1 29.4 33.6 Q2 12 Q3 12 Q4 12 Q1 13 T2 T1 T1 % CAR % Q2 13 Capital Movements (AED billion) Risk Weighted Assets Basel II (AED billion) 31 Dec 2012 to 30 Jun 2013 Tier 1 Tier 2 Total Capital as at 31 Dec 2012 30.1 14.9 45.0 Net profits generated 1.8 1.8 FY 2012 dividend paid (1.4) (1.4) Newly issued T1 3.7 3.7 Repayment of T2* (6.2) (6.2) Amortization of MOF T2 / subordinated debt (1.08) (1.08) Interest on T1 securities (0.1) (0.1) Newly issued T2 2.88 2.88 Repayment of subordinated debt (1.3) (1.3) Other (0.5) (0.5) Capital as at 30 Jun 2013 33.6 9.2 42.8 * Net of amortization 225.7 224.2 14.0 14.0 1.7 2.6 210.0 207.6 Q2 12 Q3 12 Operational Risk +2% 218.1 13.8 2.3 202.0 Q4 12 231.1 219.7 13.8 +5% 13.8 3.4 3.6 202.3 213.9 Q1 13 Q2 13 Market Risk Credit Risk 10

Acquisition of BNP Paribas Egypt Highlights On 9 June 2013, Emirates NBD acquired a 95.2% stake in BNP Paribas Egypt Acquisition of the remaining 4.8% of share is under process and the transfer of ownership of these shares will be completed in 2013 Total consideration of USD 500 million is 1.4 times the estimated fair value of net assets acquired The difference between the fair value of assets acquired and purchase consideration is goodwill and intangibles The fair value of the assets and liabilities was determined by an external expert The purchase price allocation exercise is currently in progress, hence the goodwill and intangibles will be adjusted once the exercise is completed Acquisition related costs of AED 24.4 million were incurred and are included in General & Administrative Expenses Financial Impact Upon Acquisition (AED million) AED million Book value of assets 1,128 Fair value adjustments 118 Fair value of net assets acquired 1,246 Goodwill and intangibles 592 Purchase consideration paid 1,838 Represented by: Purchase consideration paid in cash 1,748 Acquisition related cost (Capitalized) 2 Minority interest 88 Total 1,838 11

Acquisition of BNP Paribas Egypt Business Overview Business Overview Full service commercial banking platform: Corporate Banking: focused on large corporate and MNCs; serves c.4,000 clients Retail Banking: High growth segment; serves c.246,000 clients Treasury: AUMs of c.$446m; serves c.670 clients Wide presence in Egypt through 61 branches and 169 ATMs Financially sound with robust profitability and a healthy balance sheet Financial Highlights* Financial Highlights Full service commercial banking platform: AED million Dec 2011 Dec 2012 Net interest income 290 322 Corporate Banking: focused on large corporate and MNCs; serves c.3,000 clients Noninterest income 191 143 Total income 481 465 Retail Banking: High growth segment; serves c.195,000 clients Operating expenses (301) (261) Preimpairment operating profit 180 204 Treasury: AUMs of c.$800m; serves c.670 clients Impairment allowances (18) (23) Operating Wide presence profit in Egypt through an 162 extensive 181 network of 69 branches and 161 ATMs; rolled out 59 Tax (29) (26) branches in the last 6 years Net Profit 133 155 Financially sound with robust profitability and a Cost: income ratio 62.5% 56.1% healthy balance sheet Net interest margin 3.5% 3.9% Segment Breakdown Corporate Gross Loans 100% = AED 3.5 billion 64% 36% Retail Deposits 100% = AED 7.6 billion Corporate 51% 49% Retail AED billion Dec 2011 Dec 2012 Loans 4 3.5 Deposits 7.7 7.6 NPL Ratio 4.6% 3.8% NPL Coverage ratio 116% 128% 12

Divisional Performance Wholesale Banking Continued focus on realignment to ensure enhanced future customer service quality and share of wallet, increased crosssell of Treasury and Investment Banking products and increased Cash Management and Trade Finance penetration Revenue increased 10% qoq and 19% yoy Loans rose by 5% from end of Q4 2012 as new underwriting more than offset normal loan repayments Deposits grew by 6% from end of Q4 2012 Balance Sheet Trends AED billion 176.0 80.0 Q4 12 Loans +5% 176.9 83.4 Q1 13 184.8 84.4 Q2 13 Deposits +6% Revenue Trends AED million 977 318 659 Q2 12 NFI +19% 1,062 307 755 Q1 13 NII 1,167 339 828 Q2 13 +10% Consumer Banking & Wealth Management CWM continued to improve its position during the quarter Revenue improved 4% qoq and 13% yoy Deposits grew 5% qoq and 9% from end 2012 Loans grew 8% qoq and 12% from end of 2012 driven by growth in personal loans, credit cards and the SME segment The bank has added 9 ATM machines during the period. Branch count has been maintained as we promote our channel optimization strategy Balance Sheet Trends AED billion 20.2 87.9 +12% 21.0 91.3 22.6 96.2 Q4 12 Q1 13 Q2 13 Loans Deposits +9% Revenue Trends AED million 1,099 305 +13% 372 1,237 378 794 812 859 Q2 12 NFI 1,184 Q1 13 NII Q2 13 +4% 13

Divisional Performance (cont d) Global Markets & Treasury Revenue has marginally decreased to AED 104 million in Q2 2013 from a AED 112 million in Q1 2013 due to higher realization of AFS investments in Q1 After excluding one off gains mainly arising from sale of certain investments in Q2 2012, on like to like comparison, 2013 Trading revenues are broadly in line with 2012 Treasury sales revenues for Q2 2013 are marginally better than Q2 2012 as volatility returned to the FX markets which saw some hedging interest from clients; the prevailing low interest rate scenario attracted some interest rate hedging activities as well Revenue Trends AED million 196 288 92 Q2 12 NFI 47% 112 218 106 Q1 13 NII 104 7% 178 74 Q2 13 Islamic Banking* Islamic Banking revenue improved 32% yoy and by 18% qoq to AED 379 million in Q2 2013 (net of customers share of profit) Financing receivables increased by 2% to AED 23.7 billion from end of Q4 2012 Customer accounts increased by 1% to AED 25.9 billion from end of Q4 2012 As at end of Q2 2013, branches totaled 49 while the ATM & SDM network totaled 176 Balance Sheet Trends* AED billion +2% 25.8 25.3 25.9 23.2 23.7 23.7 +1% Revenue Trends* AED million 288 59 229 +32% 322 69 253 379 101 278 +18% Q4 12 Q1 13 Q2 13 Financing receivables Customer accounts Q2 12 NFI Q1 13 Profit Q2 13 *Includes Emirates Islamic Bank and Dubai Bank 14

Emirates NBD has a focused longerterm strategy built on 5 core building blocks 1 Deliver an excellent customer experience 3 4 5 Drive core business Run an efficient organization Drive geographic expansion 2 Build a high performing organization 15

2013 Strategic Priorities 1 2 3 4 5 Deliver an excellent customer experience Build a high performing organization Drive core business Run an efficient organization Drive geographic expansion Continuous Group wide Current Service Excellence Program, e.g. end to end process optimization to improve turnaround times, etc. Further improvement of convenience and ease of access, e.g. through enhancement of mobile banking offering Active management of social media to drive customer service Continue to drive Nationalization efforts Run Group wide Employee Engagement Program Rollout of Wholesale Banking strategy, e.g. enhanced key account planning process involving Corporate, Retail Banking, Treasury and Wealth Management Further buildup of CASA book through strong Retail franchise Continuous focus to grow underpenetrated areas like SME business and Wealth Management Leverage new partnerships, e.g. collaboration with Porsche Financial Services to grow auto loan business in the region Ongoing organizational review and streamlining of organizational setup Completion of IT lean transformation Continuous performance transformation of back office functions in Tanfeeth Ongoing organic growth in KSA, UK and Singapore with additional focus of opening Rep Offices in selected markets Integration of BNP Paribas operations in Egypt 16

Outlook Economic Outlook During 2012 the UAE economy continued to display resiliency with an estimated GDP growth of 4.4% underpinned by rising oil output and modest private sector expansion Continued strength and growth witnessed in Dubai s traditional trade, logistics, tourism and retail sales sectors and signs of green shoots in the Dubai property market For 2013 the external environment remains challenging in the context of recessionary risks in the Eurozone, below trend US growth and an expected slowdown in Asia Nevertheless, the UAE remains wellpositioned to enjoy robust GDP growth of 3.8% in 2013 driven by solid expansion in nonoil sectors offsetting an expected stabilisation in oil production In Dubai, growth is expected to be at 3.8% in 2013 from an estimated 4.4% in 2012 as manufacturing, tourism and hospitality and nonoil foreign trade continue to benefit from strengthening regional consumption and investment Emirates NBD is well placed to take advantage of the strong continued growth in Dubai Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future Significantly derisked and strengthened balance sheet offers strong platform for capturing future growth opportunities The Bank has a clear strategy in place and is focused on relentless execution 17

Summary Profitability Net profit improved significantly qoq and yoy by 16% and 50% respectively to AED 1,913 million Income Total income improved qoq and yoy by 11% and 17% respectively CI Ratio Cost to Income ratio has improved qoq and yoy from 34.6% and 35.8% respectively to 33.3% Credit Quality NPL coverage improved by 1.3% during Q2 2013 Capitalisation and Liquidity Strategy Capitalisation and liquidity continue to be extremely strong, offering resilience and flexibility for the future Significant progress made in achieving strategic imperatives Outlook Emirates NBD is well placed and has a clear strategy in place to take advantage of the improving growth outlook 18

Investor Relations PO Box 777 Emirates NBD Head Office, 4th Floor Dubai, UAE Tel: +971 4 201 2606 Email: IR@emiratesnbd.com 19

GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2009 GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2013 1

GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Contents Page Independent auditors report on review of the Group condensed consolidated interim financial statements 1 Group condensed consolidated interim statement of financial position 2 Group condensed consolidated interim income statement 3 Group condensed consolidated interim statement of comprehensive income 4 Group condensed consolidated interim statement of cash flows 5 6 Group condensed consolidated interim statement of changes in equity 7 Notes to the Group condensed consolidated interim financial statements 8 35

GROUP CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT 3 three months period ended three months period ended six months period ended six months period ended 30 June 2012 30 June 2012 Notes Interest income 2,270,215 2,214,570 4,493,021 4,565,131 Interest expense (637,766) (693,431) (1,356,932) (1,447,269) Net interest income 1,632,449 1,521,139 3,136,089 3,117,862 Income from Islamic financing and investment products 415,768 283,180 812,386 656,238 Distribution to depositors and profit paid to Sukuk holders (135,585) (165,182) (287,620) (358,406) Net income from Islamic financing and investment products 280,183 117,998 524,766 297,832 Net interest income and income from Islamic financing and investment products net of distribution to depositors 1,912,632 1,639,137 3,660,855 3,415,694 Fee and commission income 607,034 492,670 1,141,680 933,848 Fee and commission expense (53,020) (19,698) (76,621) (57,817) Net fee and commission income 554,014 472,972 1,065,059 876,031 Net (loss)/gain on trading securities (6,174) (15,951) (13,160) 22,189 Other operating income 17 459,137 402,876 837,166 871,261 Total operating income 2,919,609 2,499,034 5,549,920 5,185,175 General and administrative expenses 18 (973,097) (893,873) (1,882,104) (1,836,112) Amortisation of intangibles (15,750) (19,535) (31,500) (40,000) Operating profit before impairment charges 1,930,762 1,585,626 3,636,316 3,309,063 Net impairment loss on financial assets 19 (996,483) (954,532) (1,884,484) (2,055,349) Operating profit after impairment charges 934,279 631,094 1,751,832 1,253,714 Share of profit of associates and joint ventures 40,785 21,417 66,554 45,575 Taxation charge (3,418) Group profit for the period 971,646 = Attributable to: (5,091) 647,420 = (9,959) 1,808,427 = (10,723) 1,288,566 = Equity holders of the Group 970,796 647,548 1,807,568 1,288,661 Noncontrolling interest 850 (128) 859 (95) Group profit for the period 971,646 = 647,420 = 1,808,427 = 1,288,566 = Earnings per share 22 0.19 0.10 0.30 0.21 = = = = The notes set out on pages 8 to 35 form part of these Group condensed consolidated interim financial statements. The independent auditors report on the Group condensed consolidated interim financial statements is set out on page 1.

GROUP CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME 4 three months period ended three months period ended 30 June 2012 six months period ended six months period ended 30 June 2012 Group profit for the period 971,646 647,420 1,808,427 1,288,566 Items that may be reclassified subsequently to Income statement: Other comprehensive income Cash flow hedges: Effective portion of changes in fair value (21,533) 9,574 (30,287) 29,996 Fair value reserve (availableforsale financial assets): Net change in fair value (175,590) 161,377 (117,067) 432,410 Net amount transferred to income statement (90,783) (123,294) (201,182) (218,750) Items that are not reclassified subsequently to Income statement: Currency translation reserve (6,412) (4,292) (5,180) (2,888) Other comprehensive income for the period (294,318) Total comprehensive income for the period 677,328 Attributable to: 43,365 690,785 = (353,716) 1,454,711 240,768 1,529,334 = Equity holders of the Group 676,478 690,913 1,453,852 1,529,429 Noncontrolling interest 850 Total recognised income for the period 677,328 (128) 690,785 = 859 1,454,711 (95) 1,529,334 = The notes set out on pages 8 to 35 form part of these Group condensed consolidated interim financial statements. The independent auditors report on the Group condensed consolidated interim financial statements is set out on page 1.

5 GROUP CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS six months period ended OPERATING ACTIVITIES six months period ended 30 June 2012 Group profit for the period 1,808,427 1,288,566 Adjustment for non cash items Impairment loss on loans and receivables 1,257,761 1,453,186 Impairment loss on Islamic financing receivables 490,628 528,028 Impairment loss on investment securities 91,386 67,238 Interest unwind on impaired loans (45,660) (40,691) Amortisation of fair value (net) 23,239 33,609 Premium discount on Investment securities 18,857 30,058 Unrealised foreign exchange gain (87,654) (150,149) Amortisation of intangibles 31,500 40,000 Depreciation of property and equipment 146,538 148,930 Share of profit of associates and joint ventures (66,554) (45,575) Unrealised loss/(gain) on investments 73,012 (65,119) Revaluation loss on investment properties 14,342 12,937 Operating profit before changes in operating assets and liabilities 3,755,822 3,301,018 Increase in interest free statutory deposits (2,897,838) (1,702,960) Increase in certificate of deposits with Central Bank maturing after three months Decrease/(increase) in amounts due from banks maturing after three (2,000,000) (5,205,000) months 1,381,643 (1,333,457) Increase/(decrease) in amounts due to banks maturing after three months 212,341 (226,683) Net change in other liabilities/other assets (2,023,418) 68,495 Net change in fair value of derivatives 79,986 163,470 Increase in customer deposits (including Islamic deposits) 8,680,389 15,102,635 Increase in loans and receivables (10,191,528) (5,086,837) Increase in Islamic financing receivables (1,547,630) (1,867,719) Net cash flows (used in)/from operating activities (4,550,233) 3,212,962

GROUP CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS 6 INVESTING ACTIVITIES six months period ended six months period ended 30 June 2012 Decrease/(increase) in trading securities (net of fair value movements) 239,008 (576,721) (Increase)/decrease in investment securities (net of fair value movements) (2,112,048) 1,646,011 Decrease in investments in associates and joint ventures 242,302 8,259 Sale of investment in subsidiary 5,204 Acquisition of Investment Properties (22,117) (21,736) Acquisition of subsidiary (661,218) Advance for acquisition of NCI in subsidiary (88,324) Additions to property and equipment (net) (39,838) (129,880) Net cash flows (used in)/from investing activities (2,437,031) 925,933 FINANCING ACTIVITIES Decrease in deposits under repurchase agreements (543,715) (1,237,280) Increase in debt issued and other borrowed funds 525,614 4,518,941 (Decrease)/increase in Sukuk borrowing (1,023) 597,319 Interest on tier I capital notes (147,901) (130,433) Issuance of tier I capital notes Dividends paid Net cash flows from financing activities (Decrease)/increase in cash and cash equivalents (refer Note 26) 3,648,497 (1,387,968) (1,110,374) 2,093,504 2,638,173 == == (4,893,760) 6,777,068 == == The notes set out on pages 8 to 35 form part of these Group condensed consolidated interim financial statements. The independent auditors report on the Group condensed consolidated interim financial statements is set out on page 1.

7 GROUP CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE GROUP Issued capital Treasury shares Tier I capital notes Share premium reserve Legal and statutory reserve Other reserves Fair value reserve Currency translation reserve Retained earnings Total Noncontrolling interest Group total Balance as at 1 January 2013 5,557,775 (46,175) 4,000,000 12,270,124 2,706,815 2,869,533 593,823 (4,793) 8,505,205 36,452,307 46,269 36,498,576 Total comprehensive income for the period (348,536) (5,180) 1,807,568 1,453,852 859 1,454,711 Increase in noncontrolling interest* 89,705 89,705 Tier I capital notes issued during the period (note 16) 3,648,497 3,648,497 3,648,497 Interest on tier I capital notes (147,901) (147,901) (147,901) Dividends paid (1,387,968) (1,387,968) (1,387,968) Balance as at 5,557,775 (46,175) 7,648,497 12,270,124 2,706,815 2,869,533 245,287 (9,973) 8,776,904 40,018,787 136,833 40,155,620 ======= ======= ======= ======= Balance as at 1 January 2012 5,557,775 (46,175) 4,000,000 12,270,124 2,451,405 2,869,533 248,289 (3,686) 7,587,509 34,934,774 46,280 34,981,054 Total comprehensive income for the period 243,656 (2,888) 1,288,661 1,529,429 (95) 1,529,334 Increase in noncontrolling interest Tier I capital notes issued during the period Interest on tier I capital notes (130,433) (130,433) (130,433) Dividends payable (1,110,374) (1,110,374) (1,110,374) Balance as at 30 June 2012 5,557,775 (46,175) 4,000,000 12,270,124 2,451,405 2,869,533 491,945 (6,574) 7,635,363 35,223,396 46,185 35,269,581 ======= ======= *Increase in noncontrolling interest is due to acquisition of BNP Paribas Egypt, a subsidiary of the Group. Note: No allocation to legal and statutory and other reserves has been made for the six months period ended as this will be effected at the year end. The notes set out on pages 8 to 35 form part of these Group condensed consolidated interim financial statements. The independent auditors report on the Group condensed consolidated interim financial statements is set out on page 1.

NOTES TO THE GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 8 1 CORPORATE INFORMATION Emirates NBD PJSC (the Bank ) was incorporated in the United Arab Emirates on 16 July 2007, under the Commercial Companies Law (Federal Law Number 8 of 1984 as amended) as a Public Joint Stock Company. The Bank was incorporated principally to give effect to the merger between Emirates Bank International PJSC ( EBI ) and National Bank of Dubai PJSC ( NBD ). The merger became effective from 16 October 2007, while the legal merger was completed on 4 February 2010. Post this date, EBI and NBD ceased to exist. The condensed consolidated interim financial statements for the period ended comprise the Bank and its subsidiaries (together referred to as the Group ) and the Group s interest in associates and joint ventures. The Bank is listed on the Dubai Financial Market (TICKER: EMIRATESNBD ). The Group s principal business activities are corporate banking, consumer banking, treasury and Islamic banking. The Bank s website is www.emiratesnbd.com. The registered address of the Bank is Post Box 777, Dubai, United Arab Emirates ( UAE ). The Group is 55.6% owned by Investment Corporation of Dubai (the parent company), a company in which the Government of Dubai is the majority shareholder. 2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ( IAS ) 34 Interim Financial Reporting. The accounting policies applied by the Group in the preparation of the condensed consolidated interim financial statements are consistent with those applied by the Group in the annual consolidated financial statements for the year ended 31 December 2012. The adoption of the new and amended IFRS and IFRIC interpretations with effect from 1 January 2013 has had no effect on the interim condensed consolidated financial statements of the Group. These condensed consolidated interim financial statements do not include all the information and disclosures required for full annual consolidated financial statements prepared in accordance with International Financial Reporting Standards and should be read in conjunction with the Groups financial statements as at and for the year ended 31 December 2012. In addition, results for the six months ended are not necessarily indication of the results that may be expected for the financial year ending 31 December 2013. In preparing these condensed consolidated interim financial statements, significant judgments made by the management in applying the Group s accounting policies and the key sources of estimation were the same as those that were applied to the consolidated financial statements as at and for the year ended 31 December 2012. (a) Estimates The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. (b) Financial risk management The Group s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2012.