Income of Two Dubai-Based Banks Surge in H1 2025

Reflecting strong growth momentum, two Dubai Financial Market-listed banks – Emirates NBD and Emirates Islamic – on Thursday reported a surge in their income by 12% and 9% respectively.

While Emirates NBD’s income was $6.59 billion, that of Emirates Islamic was $790 million during the first six months of this year, both banks said in a disclosure with DFM this morning.

The two banks attributed the rise in income to strong loan growth, regional expansion, innovative product offering, continued expansion in both funded and non-funded income streams.

Emirates NBD

Emirates NBD said that lending increased by $11.16 billion (8%) in the first half of 2025, fuelled by strong demand both in the UAE and across its growing international network. Deposits grew by $19.06 billion (10%) propelled by a record $13.07 billion increase in low-cost current and savings Account balances.

Operating profit grew 9% as the strong loan and deposit growth momentum easily absorbed earlier interest rate cuts.

The assets under management (AUM) across the Group rose to $50 billion due to the region’s growing affluent population, thus confirming its successful focus on wealth management and new products. Strategic investment in the Group’s regional footprint, digital and GenAI are driving income growth which more than offsets the impact of lower interest rates.

The operating profit 9% higher y-o-y reflected strong loan & deposit growth momentum and regional expansion while net income was on account of strong volume growth and continued momentum in innovative product offerings.

The impairment credit of $82 million on impressive recoveries as clients benefit from a buoyant regional economy with impaired loan ratio improving to 2.8%.

Vice Chairman and Managing Director of Emirates NBD Hesham Abdulla Al Qassim said that the Group commands a 35% market share of the UAE credit card spend as they processed more than $272 million credit and debit card spend in the first half of 2025.

Emirates Islamic

Emirates Islamic delivered a record $600 million profit before tax in the first half of 2025 and the total income rose 9% y-o-y to $790 million. Customer financing grew 13% to $21.78 billion, while customer deposits showed exceptional growth, rising 27% to $26.52 billion. Current and Savings Account balances now represent 65.5% of total deposits. These results highlight Emirates Islamic’s position as one of the UAE’s leading Islamic banks.

The net profit of Emirates Islamic increased to $510 million, up by 12% and the net profit by a healthy margin of 3.74%. Total assets increased by 24% to $37.57 billion during first half of 2025.

Strong capital and liquidity combined with a healthy deposit mix empowering the Bank to provide improved products to customers.

Customer financing stood at $21.78 billion registering an increase of 13% during first half of 2025 and customer deposits at $26.52 billion, increased 27% during first half of 2025 with Current and Saving Account balances at 65.5% of deposits, Emirates Islamic said.