Emirates NBD has reported a record profit of AED 13.8 billion ($3.76 billion) for the first half of 2024, marking a 12% year-on-year increase. This impressive performance stems from a surge in lending throughout its regional network and significant recoveries from impaired loans.
Key Highlights:
- Record Quarterly Profit: For the first time, quarterly profit surpassed AED 7 billion ($1.91 billion).
- Lending Growth: The bank’s lending grew by 6% to exceed AED 500 billion ($136.15 billion), driven by robust corporate demand which generated AED 48 billion ($13.07 billion) in new gross loans.
- Revenue and Expenses: Total income increased marginally by 0.4% to AED 21.4 billion ($5.83 billion), while expenses rose by 12% to AED 6.1 billion.
- Deposits: The bank saw a growth of AED 39 billion ($10.62 billion) in deposits, evenly distributed between current, savings accounts, and fixed deposits.
- Emirates Islamic Bank: Achieved a record profit of AED 1.7 billion, with its balance sheet surpassing AED 100 billion for the first time.
Leadership Insights:
Shayne Nelson, Group CEO, praised the bank’s performance, highlighting record retail lending and a significant share of UAE credit card spending. He noted that all business units contributed to this success, supported by a strong balance sheet and favorable economic conditions.
Patrick Sullivan, Group CFO, indicated that the healthy credit environment has led to a net impairment credit of AED 2.2 billion and revised loan growth and risk cost guidance positively.
The bank’s strong performance has been recognized with a positive outlook upgrade from Moody’s. The expansion of the bank’s branch network in Saudi Arabia and the allocation of AED 500 million to SMEs further underscore its commitment to regional growth and support for Dubai’s international expansion initiative.
