Emirates NBD profit slips despite strong loan growth

Net profit at Emirates NBD, Dubai’s biggest bank by assets, fell in the first quarter of 2025 compared to a year ago despite growth in loans and interest income.

Tax paid caused the bottom line to decline more than 7 percent to AED6.2 billion ($1.7 billion) for the first three months, from AED6.7 billion a year ago, the lender said in a statement.

Total income, comprising net interest and non-funded incomes — earnings from services – jumped 11 percent year on year to AED12 billion.

Profit before tax increased by 56 percent quarter on quarter, thanks to a 5 percent rise in total income.

Total assets were up 14 percent year on year to more than AED1 trillion ($272bn). Loans and deposits grew 11 percent and 14 percent, respectively.

Hesham Abdulla Al Qassim, vice chairman and managing director, said lending grew to AED18 billion, up nearly 4 percent in the first quarter, with over half of the increase sourced from a growing international network.

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The quarterly profit of Emirates Islamic, a subsidiary, crossed AED1 billion for the first time. Meanwhile, the region’s growing affluent population propelled assets under management to $50 billion, the statement said.

Group CFO Patrick Sullivan said that low-cost current and savings account deposits grew by AED27 billion in the first quarter, helping absorb the impact of lower interest rates.

The credit environment remains healthy, and customers are benefiting from a buoyant economy, he said.