Emirates NBD reports 25% rise in net profit for first nine months of 2022

Dubai-based lender Emirates NBD reported Dhs9.1bn in net profit for the first nine months of the year, increasing 25 per cent year-on-year. Meanwhile, its Q3 profit stood at Dhs3.8bn, up 51 per cent year-on-year.

The bank’s total income for Q1-Q3 soared 31 per cent year-on-year totalling Dhs22.7bn, on improved loan and deposit mix with higher interest rates feeding through to margins, Emirates NBD said in a statement.

Emirates NBD’s profits jumped 25% in the first nine months of 2022, close to the level reported for the
whole of 2021. Q3 profit was exceptionally strong at AED 3.8 billion, up 51% y-o-y, exceeding US$ 1
billion equivalent. https://t.co/tBoASqT7Yu pic.twitter.com/yee3CJot3J

— Emirates NBD (@EmiratesNBD_AE) October 27, 2022

Its total assets for the nine-month period went up 5 per cent to Dhs721bn, while current account and saving account grew by Dhs18bn. The lender’s NPL ratio improved by 0.5 per cent to reach 5.8 per cent in the first nine months of the year.

New corporate lending grew by Dhs24bn in the first nine months of 2022, reflecting increased business optimism and the deposit mix improved on strong sector liquidity, the statement added. Meanwhile, impairment allowances dwindled 12 per cent year-on-year.

“Emirates NBD’s profits jumped 25 per cent y-o-y to Dhs9.1bn for the first nine months of 2022, reflecting strong regional economic growth and the success of the group’s diversified business model. Emirates NBD played a leading role in the country’s recent IPOs, enabling new and existing customers to access and trade shares on the Dubai Financial Markets,” said Hesham Abdulla Al Qassim, vice chairman and managing director.

“Net profit of Dhs9.1bn increased substantially by 25 per cent y-o-y, almost reaching the group’s profit level for the whole of 2021,” added Shayne Nelson, group chief executive officer.

“International operations provide diversification and growth opportunities, contributing 40 pre cent of total income. New lending increased substantially in both retail and renewed demand for corporate lending. These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth.”

The lender also launched its financial Application Programming Interface (API) developer portal, providing fintech, developers and corporate clients with an ecosystem to develop innovative financial solutions.

Read: Dubai’s Emirates NBD launches API developer portal to drive innovation