Emirates NBD Reports Record Profits, Proposes 100-Fils Dividend Per Share
Emirates NBD has posted a record-breaking pre-tax profit of AED 27.1 billion for 2024, driven by its regional expansion and growth in wealth management services. After-tax profits surged 7% to AED 23 billion.
Strong Revenue Growth
The bank’s income exceeded AED 44 billion in 2024, supported by strategic investments in digital banking and branch networks, creating new revenue channels.
All business units performed exceptionally well, achieving record-high new loans of AED 160 billion, contributing to a 16% growth in assets. Meanwhile, credit card spending in the UAE continues to hold a one-third market share.
Emirates NBD Capital, the bank’s investment arm, reported its highest-ever revenue, fueled by a record year for IPO transactions.
Emirates Islamic's Record Performance
Emirates Islamic achieved record profits of AED 2.8 billion, reinforcing its position among the UAE’s top Islamic banks. Its loan portfolio in Saudi Arabia grew by an impressive 57% in 2024, supported by branch network expansion.
Dividend and Loan Growth
In light of its strong performance, the Board of Directors proposes a cash dividend of 100 fils per share.
The bank reported a 10% increase in total loans in 2024, with new corporate loans reaching AED 88 billion, driven by regional network enhancements. Meanwhile, retail loans grew by 30%, reflecting a surge in premium and private banking services.
Robust Deposit Base
Deposits surged by AED 82 billion in 2024, including a AED 48 billion increase in current and savings accounts.
98% of new current accounts were opened digitally, with 40% via mobile app and 58% using tablet-assisted services. Two-thirds of corporate loans were allocated to the private sector.
Digital Wealth Management and Saudi Expansion
Digital wealth transaction volumes grew ninefold in 2024, with assets under management surpassing $44 billion, reflecting the success of the bank’s wealth strategy.
In Saudi Arabia, the bank expanded its network to 21 branches and 62 ATMs, contributing to a 57% rise in loans.
Leadership Insights
H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, stated:
“Our pre-tax profits reached an unprecedented AED 27.1 billion, reflecting our enhanced regional presence and expansion in wealth management and premium banking.”
He highlighted the 57% loan growth in Saudi Arabia, supported by the bank’s expanded network of 21 branches and 62 ATMs.
Looking ahead, Sheikh Ahmed expects Dubai’s GDP to grow by 5% in 2025, driven by infrastructure, transport, hospitality, and logistics sectors.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, emphasized:
“Our income surpassed AED 44 billion in 2024 due to strategic investments in digital banking and regional expansion, which opened new revenue channels.”
He noted that 98% of new customers joined the bank digitally, while Emirates NBD Capital continued its dominance in UAE IPO transactions, pricing over 100 sukuk and bonds.
Shayne Nelson, Group CEO, added:
“Our success in wealth management, private banking, and regional expansion drove exceptional income and profit growth.”
The bank’s digital wealth platform boosted assets under management to over $44 billion, while digital wealth transactions increased ninefold. Emirates NBD also leads globally in the number of LEED-certified branches, reinforcing its commitment to sustainability.
Economic Outlook
The UAE and Saudi Arabia’s non-oil sectors maintained strong growth in 2024, supported by large-scale public and private investments and robust consumer activity. This momentum is expected to continue into 2025, aided by rising oil production and ongoing investment programs.
In Egypt, inflation control efforts are expected to shift monetary policy towards easing, while Turkey’s policies continue to mitigate inflationary pressures.