Connect with us

Business Insights

Emirates NBD Reports 92% Surge in Profits, Reaching Dh17.5 Billion

Emirates NBD has declared a 92% increase in profits for the first nine months of 2023, reaching Dh17.5 billion.

Emirates NBD, Dubai’s largest bank by assets, has announced a remarkable 92% surge in profits, reaching Dh17.5 billion for the first nine months of 2023. 

This substantial growth is attributed to significant loan expansion, a stable, low-cost funding base, increased transaction volumes, and substantial recoveries.

Sustained Third-Quarter Profit:

The bank’s third-quarter profits have consistently exceeded Dh5 billion for three consecutive quarters, reflecting the buoyant regional economy and robust performance, according to the bank’s statement.

Emirates NBD reported a 44% increase in total income, amounting to Dh32.7 billion. 

This growth is attributed to a favorable deposit mix, solid loan expansion, and significant fee and commission growth across all business segments.

Healthy Loan Growth and Deposit Expansion:

The bank recorded an impressive 8.0% increase in loans, driven by strong momentum in retail lending and the successful closure of landmark deals with large multinational customers. 

Emirates NBD’s deposit franchise expanded significantly, growing by Dh67 billion, including Dh33 billion of low-cost Current and Savings Accounts (CASA) in 2023.

Expansion and Commitment to Sustainability:

Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD, highlighted the bank’s record-high profit, underscoring its growing regional presence and leading digital capabilities. 

He mentioned expanding the branch network in Saudi Arabia, supporting a 26% year-on-year increase in lending across corporate and retail banking. 

The bank also increased lending to small and medium enterprises by 34% in the UAE.

Commitment to Environmental and Gender Goals:

Al Qassim emphasized the bank’s commitment to Net Zero 2050 and Gender Balance goals in the UAE, underlining its role as the Principal Banking Partner of COP28.

Shayne Nelson, Group Chief Executive Officer, highlighted the bank’s success in rolling out the ‘ENBD X’ mobile banking app and expanding the digital wealth platform. 

These initiatives have driven growth, with customers gaining access to more than 11,000 global equities and a 28% increase in assets under management for ultra-high-net-worth customers.

Financial Strength and Capital Base:

Patrick Sullivan, Group Chief Financial Officer, noted that quarterly profit exceeded Dh5 billion for the third consecutive quarter. 

The bank’s low-cost Current and Savings Account deposit base remained stable, allowing the bank to benefit from higher interest rates. 

The bank’s robust capital base increased its balance sheet by 13%, reaching Dh836 billion in 2023.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *