Skip to content Skip to Search
Skip navigation

Emirates NBD 2023 profit rises 65% to $5.9bn

Emirates NBD's board has proposed a dividend of 120 fils per share Reuters/Satish Kumar
Emirates NBD's board has proposed a dividend of 120 fils per share

Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 thanks to asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income.

Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago.

Total income rose 32 percent to AED 43 billion thanks to high deposit mix, solid loan growth and strong fee and commission growth across all business segments.

Total assets grew 16 percent to AED863 billion. The deposit franchise rose AED 82 billion, with low-cost current and savings accounts reaching AED 30 billion.

Credit quality improved significantly, with impairment charges down 33 percent and the impaired loan ratio improving to 4.6 percent, the lowest level since 2009.

“We used its strong balance sheet to support economic growth in the UAE, providing over AED70 billion of new corporate lending, and a significant increase in lending to Small and Medium Enterprises,” Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Emirates NBD, said in a statement.

Group CEO Shayne Nelson said that the bank’s strong capital base enabled the balance sheet to grow 16 percent to AED863 billion last year, with international operations generating 39 percent of total income.

The bank’s board proposed a dividend of 120 fils per share, double last year’s dividend.

Emirates NBD plans to increase its branch network in Saudi Arabia from 15 to 24 by 2025. It currently has 850 branches in the UAE and overseas.

Latest articles

Mubadala injects $250m to revive Turkey’s Getir

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units. The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters […]

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

Oman’s real estate sector continues to slide

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […]

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]