Dubai-headquartered Emirates NBD delivered a record Dh19 billion profit for the first nine months of 2024, up 9% year-on-year, driven by robust loan growth and improved margins. The bank’s strategic positioning has allowed it to capitalise on regional economic growth and consumer confidence. The bank provided more than Dh100 billion in new loans across the Group’s network in 2024, with income rising 7% in the third quarter.
“We are strategically positioned to benefit from regional growth and consumer confidence,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD. He highlighted that the Group’s solid balance sheet supported the 9% increase in lending, including significant expansion in the Kingdom of Saudi Arabia, where loan growth surged 49%.
Shayne Nelson, Group CEO, attributed the income growth to strong loan performance, higher fee and commission income, and improved margins. He noted that the Group’s Digital Wealth offering has expanded, with assets under management exceeding $40 billion. “All business units achieved outstanding performance with record retail lending,” Nelson said.
The bank’s performance in the first nine months was also bolstered by Emirates Islamic’s record profit of Dh2.5 billion, supported by 24% growth in customer financing. This expansion was complemented by the addition of 19 branches and 59 dedicated ATMs in Saudi Arabia.
The Group’s net interest margin improved to 3.75% in Q3 2024, largely due to favourable loan pricing and stable funding costs at DenizBank. Patrick Sullivan, Group Chief Financial Officer, noted that fee and commission income continues to grow, benefiting from the Group’s digital investments and product enhancements.
Despite a 16% rise in operating expenses, Emirates NBD maintained a cost-to-income ratio of 29.4%. Impairment credit stood at Dh1.3 billion, with the cost of risk normalising in the third quarter. The Group’s impaired loan ratio improved to 3.9%, reflecting the benefits of a buoyant economy.
Looking ahead, Emirates NBD is focused on leveraging digital transformation, including integrating generative AI across its operations. Nelson emphasised the bank’s role as a leader in sustainable finance, with new ESG-linked products and initiatives supporting its growth strategy in Saudi Arabia.
The bank’s balance sheet also strengthened, with total assets reaching Dh956 billion, up 11% year-to-date, and deposits growing 10% to Dh645 billion. According to the statement, Emirates NBD has continued its strong performance across international markets, including Turkey, Egypt and the UAE.
