Emirates NBD Reports Record $3.76B Profit, Loans Hit AED500B Milestone

Emirates NBD, one of the UAE’s leading banks, has reported exceptional financial results for the first half of 2024, with profit reaching a record AED13.8 billion ($3.76 billion), marking a 12% year-on-year increase.

Key Financial Highlights:

1. H1 2024 Profit: AED13.8 billion ($3.76 billion), up 12% YoY
2. Q2 2024 Profit: Exceeded AED7 billion ($1.91 billion) for the first time
3. Total Lending: Surpassed AED500 billion ($136.15 billion) milestone
4. New Corporate Loans: AED48 billion ($13.07 billion)
5. Deposits Growth: AED39 billion ($10.62 billion)
6. Earnings Per Share: Up 13% to 214 fils

Factors Driving Growth:

• Increased lending across regional network
• Substantial impaired loan recoveries
• Record performance from Emirates Islamic
• Improving margins in DenizBank
• Buoyant UAE economy

Emirates Islamic Performance:

• Record profit of AED1.7 billion in H1 2024
• Balance sheet surpassed AED100 billion for the first time in 20 years

Executive Statements:

Shayne Nelson, Group CEO: “Quarterly profit surpassed AED7 billion for the first time ever, helped by the strongest ever results from Emirates Islamic, improving margins in DenizBank and sizeable recoveries bolstered by a buoyant economy.”

Patrick Sullivan, Group CFO: “The credit environment remains healthy and clients continue to benefit from a buoyant economy with further regularisation of loan payments, leading to a net impairment credit of AED2.2 billion.”

Strategic Developments:

1. Kingdom of Saudi Arabia branch network doubled to 18, driving 33% loan growth in H1 2024
2. Allocated AED500 million for competitive SME financing to support ‘Dubai International Growth Initiative’
3. Moody’s improved Emirates NBD’s credit rating outlook to Positive

As Emirates NBD continues to expand its regional presence and leverage its strong balance sheet, the bank is well-positioned for future growth in the dynamic Middle Eastern banking landscape.