Dubai-based bank Emirates NBD’s Q2 2022 net profit reached AED 3.5 billion, its best quarterly performance since 2019. The latest figures come from a 42% year-over-year increase.
For the first six months, Emirates NBD’s net totaled a robust Dh5.3 billion (up 11 per cent), while gross income came to Dh14.2 billion. Impairment charges are down an impressive 28 percent – “We are extremely well positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth,” a statement said.
It was also another ‘record’ half-year for retail lending and customer transactions while improving margins helped push income up 23 percent y-o-y.
Overseas operations represented 41 percent of total income in H1-2022, including those from DenizBank in Turkey.
Through the period, Emirates NBD’s total assets were up 3 per cent at Dh711 billion, while customer loans inched 1 per cent higher to Dh425 billion with a ‘record half-year for retail financing and renewed demand for corporate lending’.
When it comes to the deposit mix, CASA (current account savings account) grew Dh10 billion in H1-22 reflecting ‘strong UAE liquidity, enabling the Group to benefit from further interest rates rises’. “We were delighted that Moody’s upgraded Emirates NBD’s short and long-term ratings, recognising the Group’s resilient post-pandemic financial fundamentals and increased diversification,” said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director, in a statement. “Emirates NBD played a leading role in both the DEWA and Tecom IPOs, delivering customers a fully digital, straight through platform from on-boarding to payment.”
ENBD’s Hesham Abdulla Al Qassim said: “Emirates NBD played a leading role in both DEWA and Tecom’s IPO, providing customers with a fully digital end-to-end platform from on boarding to payment.”
