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 Emirates NBD’s Profits Surge 130% to $3.35 billion in H1-2023


Emirates NBD’s Profits Surge 130% to $3.35 billion in H1-2023

Emirates NBD, one of the leading banks in the UAE, on Thursday announced that its profits surged by 130% to a record $3.35 billion in the first six months of this year.

Announcing the interim financial results for H1 of 2023, Emirates NBD said that this was due to the strong current and savings accounts growth coupled with a healthy increase in lending. Furthermore, the bank’s income in the second quarter of 2023 grew to $2.94 billion and profit stood at $1.69 billion, reflecting the buoyant regional economy.

The exceptional profitability reflected higher margins, growing non-funded income and a lower cost of risk on significant recoveries.

Emirates NBD’s market-leading deposit franchise added $14.43 billion of deposits including $10.07 billion of low-cost current and savings accounts. The loan growth increased by 5% due to success in retail lending and corporate lending closing key deals across the region.

The Group’s investment in technology and AI enabled the agile launch of new digital products and services which was driving business growth, the bank said in a filing with Dubai Financial Market (DFM) where its shares are traded.

The total income up 50% to $5.8 billion on excellent deposit mix with higher interest rates feeding through to margins and strong growth across all business segments and products.

“The bank’s balance sheet surpassed $217.81 billion milestone for the first time ever,” the bank said and added it has provided Project Finance facility for one of the largest corporates in the UAE.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said that the bank’s profit hit a record high reflecting the Group’s growing regional presence and visionary investment in technology & AI which is driving new product delivery and propelling growth.

“Emirates NBD celebrates its 60th anniversary, having grown to be one of the region’s leading banks, serving over 20 million customers across 13 countries. We are committed to playing a key role in driving further economic growth and development across the region,” he added.

Shayne Nelson, Group Chief Executive Officer, said that the bank delivered record income, driven by an excellent deposit mix and strong lending growth.

“The Group’s earlier investment in technology provides a bedrock to launch many exciting new products & services and harness the power of generative AI to further transform Emirates NBD’s operations and enhance productivity,” Nelson said.

Patrick Sullivan, Group Chief Financial Officer said that all business units generated a substantial increase in income, helping Emirates NBD deliver its strongest ever half-year for both income and profit.

“The Group’s success in growing an inexpensive and diversified funding base has positioned the Bank to continue benefiting from higher interest rates,” he added.


The bank also said that the GCC economies have been resilient against a weaker global backdrop and higher interest rates. PMI surveys indicated robust activity in non-oil sectors in the first half of 2023 across the region.

Emirates NBD Research revised their forecast for UAE growth in 2023 to 2.9% from 3.2% on the expectation of a contraction in hydrocarbon GDP although the bank revised up its forecast for UAE non-oil GDP growth to 5% this year, from 3.5% previously. The UAE’s national energy strategy expects up to $54.4 billion of investment as it triples the contribution of renewable energy by 2030. Other economic sectors such as tourism are flourishing with Dubai tourist numbers recovering close to pre-pandemic levels. In the wider MENAT region, Egypt made successful asset sales reflecting their commitment to revamp the economy and Türkiye increased interest rates to help address inflation, the bank noted.

Global Business Magazine

Global Business Magazine

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