Emirates NBD has reported a record profit of Dh13.8 billion for the first half of 2024, driven by increased lending across its regional network and substantial impaired loan recoveries, according to a recent filing with the Dubai Financial Market (DFM).
The group’s quarterly profit exceeded Dh7 billion for the first time, bolstered by strong performances from Emirates Islamic, improved margins at DenizBank, and significant loan recoveries. During this period, the bank achieved record retail lending, captured a one-third market share of UAE credit card spending, and grew its assets under management by an impressive 41% year-on-year to $25 billion.
Lending surged by 6% in the first half of 2024, surpassing Dh500 billion for the first time. Corporate lending contributed Dh48 billion in gross new loans.
“All business units achieved outstanding performance with record retail lending, a one-third market share of UAE credit card spend, and Corporate lending originating Dh48 billion in gross new loans as it leverages the Group’s regional presence,” said Shayne Nelson, Group CEO.
Emirates Islamic generated its highest-ever profit of Dh1.7 billion in the first half of 2024, with its balance sheet surpassing the AED 100 billion mark.
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.”
In the first three months of 2024, Emirates NBD reported a profit surge of 12% year-on-year to Dh6.7 billion. The group also saw a 65% increase in net profit to Dh21.5 billion in 2023, driven by asset growth, stable funding, increased transactions, and loan recoveries.
