Monday, June 24, 2024

Emirates NBD’s profit rose 92% to 17.5 billion dirhams


Emirates NBD’s profit increased by 92% to 17.5 billion dirhams in the first nine months of this year, as a result of significant growth in loans, the stability of the low-cost funding base and increased volume of transactions and larger collections, while quarterly profit (third quarter) reached 5 billion dirhams for the third consecutive quarter. exceeded.

The bank strengthened its leadership position in the market in terms of deposits in the first nine months of 2023, which grew by 67 billion dirhams, including 33 billion dirhams in current and low-cost savings accounts in 2023.

The volume of loans increased by 8% on the back of the bank’s success in achieving record growth in personal loans and the conclusion of key loan agreements for companies with multinational clients.

Total income increased by 44% to AED 32.7 billion, driven by better deposit mix, stronger growth in loans, as well as fees and commissions across all business lines.

Compared to the same period last year, the net interest margin increased by 90 basis points in the first nine months of this year, reaching 4%, as a result of an improved mix of loans and deposits and an increase in interest. rates. The group’s balance sheet increased by 13% to 836 billion dirhams in the third quarter of 2023, while earnings per share increased by 96% to 271 bil.

Hisham Abdullah Al Qasim, Vice Chairman and Managing Director of Emirates NBD Group, said: “Emirates NBD’s profit reached AED 17.5 billion in the nine months to 2023, reflecting the Group’s growing regional presence and its core digital capabilities. “

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He added, “A growing economy, in addition to our focus on achieving service excellence by introducing new products and services, plays a key role in driving growth.” Al-Qasim continued: “We expanded our branch network to include 13 branches in Saudi Arabia, which contributed to a 26% increase in lending across corporate and personal banking services compared to the same period in 2022. We also improved lending operations. 34% of the UAE supports small and medium enterprises… an important sector that forms the fundamental pillar of the economy.

Emirates Islamic Company posted highest profit in 9 months

Emirates Islamic reached its highest profit in nine months in the first nine months of 2023, reaching 1.65 billion dirhams.

The increase in profits was driven by higher financial and non-financial income.

Revenue for the third quarter of 2023 increased by 46% year-on-year to reach 1.2 billion dirhams, driven by 23% profit growth, reaching 435 million dirhams.

Total assets rose to 86 billion dirhams, while customer deposits reached 61 billion dirhams, an increase of 7% at the end of 2022.

• Quarterly profit exceeded 5 billion dirhams for the third consecutive quarter.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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