Dubai – Mubasher: Emirates NBD recorded a 65% growth in net profit after tax to AED 21.52 billion in 2023 from AED 13.01 billion in 2022.
The earnings per share (EPS) soared to AED 3.32 last year when compared with AED 1.98 in 2022, according to the income statement.
During the fourth quarter (Q4) of 2023, Emirates NBD logged net profits after tax worth AED 4 billion, which were 3% higher than Q4-22 and 23% lower compared to Q3-23.
The customer deposits jumped to AED 584.56 billion as of 31 December 2023 from AED 502.95 billion in the same period a year earlier.
Meanwhile, the lender’s total assets increased to AED 862.77 billion at the end of 2023 when compared to AED 741.96 billion in 2022.
The UAE bank noted that its network in Saudi Arabia expanded to 15 branches by the end of 2023 and the branch presence in Egypt was “refreshed”, which endorsed the international footprint and digital capabilities of the bank to drive further growth.
Chairman of Emirates NBD, Sheikh Ahmed bin Saeed Al Maktoum, said: “Emirates NBD used its strong balance sheet to support economic growth in the UAE, providing over AED 70 billion of new corporate lending, and a significant increase in lending to small and medium enterprises.”
Dividends for 2023
In celebration of the 60th anniversary, the board of Emirates NBD recommended doubling the total dividends for last year.
Al Maktoum stated: “In light of the Group’s excellent performance we are proposing a 100 fils dividend, and to celebrate our 60th Anniversary a further 20 fils, doubling the total dividend to 120 fils per share.”
From his side, Hesham Abdulla Al Qassim, the Vice Chairman and Managing Director, said: “Emirates NBD generated a record AED 43 billion of income on significant asset growth, a stable low-cost funding base, increased transaction volumes and substantial recoveries.”
The Group CEO, Shayne Nelson, meanwhile, noted: “International operations now generate 39% of total income.”
As for Emirates NBD’s presence in Saudi Arabia, the UAE lender has “plans to increase our presence to 24 branches by 2025,” according to Nelson.
During the first nine months (9M) of 2023, the UAE bank witnessed net profits of AED 17.49 billion while its total operating income hit AED 32.71 billion.
