Emirates NBD has announced a record profit of AED 19.0 billion for the first nine months of 2024, reflecting its strategic positioning to capitalize on regional growth and consumer confidence.
The bank has issued over AED 100 billion in new loans this year, with total income rising to AED 32.9 billion, a 9% increase attributed to robust loan growth and improved margins.
In the third quarter alone, income grew by 7%, driven by strong loan activity and increased fee and commission income. The bank’s Digital Wealth platform has significantly contributed to its success, propelling Group Assets Under Management to over USD 40 billion with the introduction of fractional bonds, sukuks, equities, and mutual funds.
Emirates Islamic also achieved remarkable results, reporting a profit of AED 2.5 billion, with a 24% increase in customer financing, aided by expansion into Saudi Arabia, which saw loan growth soar by 49% in 2024. The bank's net interest margin improved to 3.75% as it maintained a stable funding mix.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, emphasized the strong balance sheet and strategic expansion in Saudi Arabia as key factors driving this success.
Group CEO Shayne Nelson highlighted Emirates NBD's recognition as a leading bank for sustainable solutions, with new offerings aimed at supporting eco-friendly projects.
Looking ahead, Emirates NBD remains optimistic, anticipating continued growth in the non-oil economies of the UAE and Saudi Arabia, supported by robust consumer activity and public and private sector investments.
News Source: Dubai Media Office
