Emirates NBD’s full-year profit rises 40% to $3.53bn Emirates NBD’s full-year profit rises 40% to $3.53bn
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Emirates NBD’s full-year profit rises 40% to $3.53bn

Emirates NBD’s full-year profit rises 40% to $3.53bn

The lender reported a 36 per cent growth in total income, equalling Dhs32.5bn

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Emirates NBD, Dubai’s largest bank by assets, has reported a 40 per cent rise in annual profits for 2022.

Net profit for the full year equalled Dhs13bn ($3.5bn), while total income surged 36 per cent to Dhs32.5bn. Net interest income was also up 37 per cent against the previous year, on improved loan and deposit mix with higher rates feeding through to margins.

Non-funded income grew 35 per cent year-on-year from increased card transactions, and growth in forex and derivative income, the lender said.

“Emirates NBD’s profits jumped 40 per cent in 2022, reflecting strong regional economic growth and the success of the Group’s diversified business model,” said Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Emirates NBD.

“We are proud to support the ‘D33’ Dubai Economic Agenda, which aims to double the size of the Emirate’s economy in 10 years and make Dubai one of the top three international destinations for tourism and business. Emirates NBD played a lead role in delivering over Dhs31bn of IPOs in 2022, growing the Dubai economy and developing the equity capital markets.”

Net interest margin rose to 3.43 per cent, current and savings accounts surged Dhs20bn in 2022, and earnings per share spiked by 43 per cent to 198 fils. The proposed dividend also increased by 20 per cent to 60 fils per share.

The lender reported Dhs742bn in total assets, rising 8 per cent for the period, while its Non-Performing Loan ratio stood at 6 per cent in 2022. Lending was stable during 2022 with Dhs50bn in new corporate loan growth, along with record financing for retail.

“Emirates NBD delivered record income and operating profit in 2022 as total income grew 36% to AED 32.5 billion on increased transaction volumes and improved margins from an efficient funding base and higher interest rates. International operations provide diversification and growth opportunities, contributing 39% of total income,” added Hesham Abdulla Al Qassim, Vice Chairman and Managing Director.

“Earlier this month we became the first bank to issue a public dirham-bond following the UAE Federal Government’s establishment of a dirham yield curve, reinforcing our national identity. The Group expanded its international economic links with further branches opened in the Kingdom of Saudi Arabia, India and Egypt.”

Read: Dubai’s Emirates NBD successfully issues three-year Dhs1bn bond

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