Emirates NBD Reports Record Profit of AED 19 Billion for First Nine Months of 2024

Emirates NBD has announced a record profit of AED 19.0 billion for the first nine months of 2024, with the Group benefiting from regional growth and increased consumer confidence. Over AED 100 billion in new loans were provided to customers in 2024 across the Group's extensive network. The bank’s income grew by 7% in the third quarter of 2024, driven by strong loan growth, improving margins, and increased fee and commission income.

The Group's Digital Wealth platform has played a significant role in its success, pushing Group Assets Under Management to exceed USD 40 billion. This achievement is supported by the expansion of the platform’s offerings to include fractional bonds, sukuks, equities, and mutual funds. Emirates Islamic, the Group’s Islamic banking arm, also delivered its strongest-ever results, posting a profit of AED 2.5 billion. The branch expansion into Saudi Arabia enabled an impressive 49% growth in the Kingdom’s loan book for 2024.

Key Highlights – 9M’24:

• Profit up by 9% on significant loan growth, a low-cost funding base, strong transaction volumes, and substantial recoveries.
• Total income reached AED 32.9 billion on the back of strong loan growth and a stable, low-cost funding mix.
• Lending increased by 9% in the first nine months of 2024, prompting an upward revision in loan growth guidance.
• The deposit mix grew by AED 60 billion, including a AED 33 billion increase in Current & Savings Accounts.
• Net interest margin improved to 3.75% in Q3 2024, supported by DenizBank’s favorable loan pricing and stable funding costs.
• Impairment credit of AED 1.3 billion with cost of risk beginning to normalize in Q3-24.
• Emirates Islamic reported a record profit of AED 2.5 billion, with Customer Financing growing by 24% during 9M’24.
• Earnings per share increased by 9% to 295 fils in 9M’24.

Emirates NBD’s Customer-Focused Investments Drive Business Growth

• The Group’s Digital Wealth volumes surged fivefold in 2024, with Assets Under Management exceeding USD 40 billion.
• Emirates NBD X achieved a global market-leading digital adoption rate of 91%.
• Emirates NBD Capital successfully completed over 30 DCM transactions in Q3-24, maintaining leadership positions in International Sukuk and CEEMEA USD Bonds & Sukuk league tables.
• Emirates NBD Capital also helped raise USD 23 billion through syndicated and club financings in Q3-24.
• Expansion into Saudi Arabia saw the Group grow its branch network to 19 branches and 59 ATMs, leading to a 49% loan growth in the Kingdom in 2024.

A Future-Focused, Digital, and Environmentally Responsible Bank

• Emirates NBD is implementing generative AI across its business operations, in collaboration with Microsoft.
• The Group is also employing machine learning for various purposes, including customer behavior analysis, merchant acquiring opportunities, and Anti-Money Laundering.
• The bank continues to enhance its sustainability efforts, with the launch of a Sustainable Fixed Deposit product and an ESG-linked working-capital facility.
• Emirates NBD boasts the highest number of LEED Platinum-certified branches globally.

Leadership Insights

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, expressed pride in the bank's performance, stating:
"Emirates NBD’s profit surged to a remarkable AED 19.0 billion for the first nine months of 2024. The Group’s solid balance sheet supported a 9% increase in lending, and our expansion into Saudi Arabia has driven an impressive 49% loan growth in the Kingdom."

Shayne Nelson, Group CEO, highlighted the Group’s growth in income and assets under management:
"Income grew 7% in the third quarter of 2024, and our Digital Wealth expansion helped propel Group Assets Under Management above USD 40 billion. Emirates NBD is now recognized as the leading bank in the region for sustainable solutions, with new offerings such as Sustainable Fixed Deposits."

Patrick Sullivan, Group CFO, noted the strong performance in key areas:
"Fee and commission income continues to grow, and our net interest margin improved to 3.75%. The Group’s exceptional performance was recognized with positive rating actions from both Moody’s and Fitch."

Emirates NBD’s ongoing investments in technology, customer-centric products, and sustainability initiatives ensure it remains well-positioned for future growth and innovation.

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