Emirates NBD said its total income rose 0.4% year-on-year to $5.8 billion. Image by alex7370 / Shutterstock Emirates NBD reported a 12% increase in profit for the first half of 2024, reaching $3.8 billion (AED 13.8 billion), driven by higher loan growth and significant recoveries in impaired loans, according to its financial statement released on Thursday.
Emirates NBD earnings Lending grew 6% year-on-year in the first half of 2024 to over $136.1 billion (AED 500 billion), thanks to strong regional demand, especially after the bank expanded its regional presence in Saudi Arabia. Also, second-quarter profit hit $1.9 billion (AED 7 billion) for the first time, helped by strong results from Emirates Islamic, improving margins in DenizBank, Emirates NBD said. Emirates Islamic delivered a record profit of $462.8 million (AED 1.7 billion) in the first half of 2024, the bank said, as its balance sheet surpassed $27.3 billion (AED 100 billion). Emirates NBD said its total income edged up 0.4% year-on-year to $5.8 billion (AED 21.4 billion) on strong loan growth across all business segments coupled with a stable, low-cost funding mix. "The credit environment remains healthy and clients continue to benefit from a buoyant economy with further regularisation of loan payments, leading to a net impairment credit of $598.9 million (AED 2.2 billion)," said Chief Financial Officer Patrick Sullivan in the statement. Other key figures The Dubai-based bank said its first-half deposits rose 12% year-on-year to $169.9 billion (AED 624 billion) as of June 30, 2024.
Similarly, total assets rose 15% year-on-year to $253.5 billion (AED 931 billion) during the January-June period of this year.
Earnings per share rose significantly by 13% to $0.58 (214 fils) in the first half of 2024, the bank added.
Crucial quote "All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend, and corporate lending originating $13.1 billion (AED 48 billion) of gross new loans as it leverages the group’s regional presence," said Group CEO Shayne Nelson in the statement.
Big number Emirates NBD said its assets under management (AUM) surged by 41% year-on-year to $25 billion as of June 30, 2024.
Green bonds Emirates NBD was among 11 debut green issuers in the UAE last year, with an issue to raise $750 million in green bonds.
The UAE led the regional green bond league tables, with sales reaching $10.7 billion, marking a nearly 170% increase and accounting for approximately 45% of the regional totals.
The Dubai-based bank, which ranks sixth on Forbes Middle East's 30 Most Valuable Banks 2024 list, was formed in 2007 by a merger between Emirates Bank International and the National Bank of Dubai.
