Emirates NBD reported a profit of AED 19.0 billion in the first nine months of 2024, driven by regional economic growth and robust consumer confidence. The bank provided over AED 100 billion in new loans in 2024, reflecting strong demand across its international network.
The bank’s income rose by 7% in the three months to September 30, supported by solid loan growth, improving net interest margins, and higher fee income.
A key highlight was the surge in Emirates Islamic’s performance, delivering a record AED 2.5 billion profit. Emirates NBD’s expansion into Saudi Arabia resulted in a 49% increase in loans, with 19 branches and 59 ATMs contributing to this impressive growth.
Group-wide, total lending increased by 9% in 2024, prompting Emirates NBD to revise its loan growth guidance upwards.
The banking group’s deposit base strengthened significantly, with AED 60 billion added by September 2024, including AED 33 billion in current and savings accounts. The net interest margin improved to 3.75% in Q3 2024, driven by favourable loan pricing and DenizBank’s stable funding costs.
Emirates NBD’s Digital Wealth platform played a critical role in growth, propelling assets under management (AUM) beyond $40 billion.
“Our enhanced digital wealth offerings and expansion into Saudi Arabia have fuelled performance across all units. We are now recognized as the regional leader in sustainable banking, with innovative products that align with our environmental commitments,” said Shayne Nelson, CEO of Emirates NBD.
The platform’s expanded offerings now include fractional bonds, sukuks, equities, and mutual funds, driving a fivefold increase in volumes. With a digital adoption rate of 91%, ENBD X continues to set new benchmarks in innovation.
The group strengthened its position in international markets, with Emirates NBD Capital completing 30 debt capital market transactions in Q3 2024 and raising $23 billion through syndicated financings. The newly launched Aani instant payment platform enhances domestic transfers, offering a seamless experience on ENBD X and EI + apps.
Leveraging advanced technologies, Emirates NBD partnered with Microsoft to integrate generative AI, improving SME onboarding, FX product targeting, and anti-money laundering monitoring. With cutting-edge data analytics, the Group continues to uncover new opportunities in merchant acquiring and trade.
Looking ahead, Emirates NBD remains focused on digital transformation, data-driven insights, and sustainable finance to maintain its leadership in a dynamic market.
