Emirates NBD profit surges 67% to Dhs6.7b in first quarter

DUBAI: Emirates NBD’S profit surged 67 per cent to a record Dhs6.7 billion in the first quarter of 2024 compared to the previous quarter and up a strong 12 per cent 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 Dhs900 billion, a five per cent growth, as retail lending had its strongest-ever quarter and corporate lending closed landmark deals across the region.

The branch’s presence in the Kingdom of Saudi Arabia more than doubled to 18 branches over the last year. They refreshed their Egyptian franchise, as their enhanced international footprint and digital capabilities drove further growth.

Emirates NBD’S market-leading deposit franchise grew Dhs26 billion in the first quarter, with customer campaigns, digital banking, and promotions delivering a remarkable Dhs21 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. All business units delivered an outstanding performance. Retained earnings boosted capital ratios and the rock-solid balance sheet makes Emirates NBD a regional powerhouse, providing the plaform for future growth.

Emirates NBD’S total income increased three per cent quarter-on-quarter to Dhs10.7 billion due to an excellent deposit mix, solid loan growth, and strong fee and commission growth across all business segments.