Emirates NBD’s profit surged 67% to a record AED 6.7 billion in the first quarter of 2024 compared to the previous quarter and up a strong 12% year-on-year propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries.
The group’s asset base surpassed AED 900 billion, a 5% growth, as retail lending had its strongest-ever quarter and corporate lending closed landmark deals across the region.
The bank increased its branch network in Saudi Arabia to 18 branches over the last year. Emirates NBD refreshed its Egyptian franchise to enhance its international footprint and digital capabilities drove further growth.
“The group reached a major milestone as the asset base grew 5% in the first quarter to surpass the AED 900 billion mark for the first time. Retail banking had a record quarter, extending AED 9 billion of financing while corporate lent AED 24 billion of new lending as landmark deals across the region were successfully closed,” said Shayne Nelson, Group CEO of Emirates NBD.
The Dubai-listed bank’s market-leading deposit franchise grew AED26 billion in the first quarter, with customer campaigns, digital banking, and promotions delivering a remarkable AED21 billion increase in low-cost current and savings accounts.
Credit quality improved significantly, and the group registered an impairment credit on the regularisation of payments as clients benefited from a buoyant economy.
Emirates NBD’s total income increased by 3% quarter-on-quarter to AED 10.7 billion due to an excellent deposit mix, solid loan growth, and strong fee and commission growth across all business segments. Its earnings per share rose significantly to 104 fils from 93 fils in the first quarter of 2023.
“Emirates NBD’s profit surged 67% to a record AED 6.7 billion in the first quarter of 2024, propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director at Emirates NBD.
Going forward, Emirates NBD is transforming into a data-first, digital-focused, and environmentally responsible regional powerhouse.
