Emirates NBD’s (ENBD) profits jumped 25 percent in the first nine months of 2022, close to the yearlong level reported for 2021.
Q3 profit was exceptionally strong at AED3.8 billion, up 51 percent year-on-year (YoY), exceeding US$1 billion equivalent. Another record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion. New corporate lending grew by AED24 billion in the first nine months of 2022 reflecting increased business optimism and the deposit mix further improved on strong sector liquidity. Credit quality remained healthy reflecting the region’s strong economy with impairment down 12 percent.
The bank is extremely well positioned to accelerate investment in our international and digital capabilities to support further growth. Emirates NBD’s fully digital platform successfully provided an integrated ‘one-stop’ solution for recent IPO subscriptions.
Hesham Abdulla Al Qassim, ENBD Vice Chairman and Managing Director, said,
“Emirates NBD’s profits jumped 25 percent YoY to AED9.1 billion 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."
Shayne Nelson, ENBD's Group Chief Executive Officer, said,
“Emirates NBD delivered strong results with income rising 25 percent to AED22.7 billion on increased transaction volumes and higher margins from an efficient funding base and higher interest rates. Net profit of AED9.1 billion increased substantially by 25 percent YoY, almost reaching the Group’s profit level for the whole of 2021. International operations provide diversification and growth opportunities, contributing 40 percent of total income. New lending increased substantially in both retail and renewed demand for corporate lending. Emirates NBD processes over 1 million credit and debit card transactions per day, equivalent to 11 every second. Emirates NBD Egypt recorded 50 percent growth in e-transactions in 2022 as it successfully harnesses the Group’s IT infrastructure. These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth.”
News Source: Emirates News Agency