Emirates NBD delivered a record profit of Dh13.8 billion in the first half of 2024, driven by increased lending across its regional network and substantial impaired loan recoveries, according to a filing with the Dubai Financial Market (DFM).
The strong results from Emirates Islamic, improved DenizBank margins and sizeable recoveries helped the group’s quarterly profit top Dh7 billion for the first time ever.
During this period, the bank delivered record retail lending, a one-third market share of UAE credit card spending and grew its assets under management by an incredible 41% year-on-year to $25 billion.
Lending grew 6% in H1 2024 to surpass Dh500 million for the first time. Corporate lending originated Dh 48 billion of gross new loans.
“All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and Corporate lending originating Dh48 billion of gross new loans as it leverages the Group’s regional presence,” said Shayne Nelson, Group CEO.
“We are extremely proud that Emirates Islamic generated its highest-ever profit of Dh1.7 billion in the first half of 2024 as its balance sheet surpassed the AED 100 billion landmark.”
Patrick Sullivan, Group CFO added, “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 Dh2.2 billion.”
Emirates NBD reported a profit surge of 12% year-on-year to Dh6.7 billion in the first three months of 2024. The group reported a 65% surge in net profit to Dh21.5 billion in 2023, fuelled by asset growth, stable funding, increased transactions, and loan recoveries.
