Emirates NBD Q1 profit rises 12% on global income growth

Reuters

Emirates NBD, Dubai’s largest bank by assets, said net profit rose 12 percent in the first quarter of 2024, thanks to income growth from its international network.

Net profit for the first three months ended March 31 reached AED6.7 billion ($1.8 billion), up from AED6 billion a year ago.

Total assets jumped to AED902 billion by the end of the first quarter, rising 15 percent year on year. Loans grew by 5 percent over the year to AED492 billion, while deposits were up 13 percent annually to AED610 billion.

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The non-performing loan ratio improved to 4.4 percent thanks to continued strong recoveries, write-backs, write-offs and repayments in a healthy operating environment, the bank said.

Emirates Islamic, a subsidiary, delivered a record profit of AED811 million in Q1 2024, while the profit contribution from the Turkish unit, DenizBank, reached AED500 million, despite a challenging operating environment.

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Shayne Nelson, the group CEO, said Emirates NBD more than doubled its branch network in Saudi Arabia to 18, driving loan growth of 19 percent in the first quarter of 2024.

Deposit franchise grew AED26 billion in the first quarter, with customer campaigns, digital banking and promotions delivering a AED21 billion increase in low-cost current and savings accounts, he said.

Patrick Sullivan, the group chief financial officer, said the credit environment remained healthy and clients continued to benefit from a buoyant economy with further regularisation of loan payments, leading to a net impairment credit of AED900 million.