Dubai – Mubasher: Emirates NBD recorded an annual hike of 67% in net profit to AED 6.71 billion during the first quarter (Q1) of 2024, versus AED 6.02 billion.
Total operating income amounted to AED 10.66 billion as of 31 March 2024, up from AED 10.46 billion in Q1-23, according to the financial results.
Earnings per share (EPS) increased to AED 1.04 in Q1-24 from AED 0.93 in the year-ago period.
The total assets grew to AED 902.28 billion in the first three months (3M) of 2024 from AED 862.77 billion a year earlier, while the customer deposits hiked to AED 610.37 billion from AED 584.56 billion.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, commented: “Emirates NBD’s profit surged 67% to a record AED 6.71 billion in Q1-24, propelled by regional growth, increased transaction volumes, a low-cost funding base and substantial impaired loan recoveries.
“Emirates Islamic celebrates 20 years of providing innovative Sharia’h compliant banking to over 650,000 customers across the UAE, as it delivered a record profit of AED 811 million in Q1-24,” Al Qassim underlined.
Shayne Nelson, Group CEO of Emirates NBD, commented: “The group reached a major milestone as the asset base grew 5% in Q1 to surpass the AED 900 billion mark for the first time.”
“Our market-leading deposit franchise grew AED 26 billion in the first quarter with customer campaigns, digital banking and promotions delivering a remarkable AED 21 billion increase in low-cost Current and Savings Accounts,” Nelson added.
Meanwhile, Patrick Sullivan, the Group's Chief Financial Officer, said: “The credit environment remains healthy and clients continue to benefit from a buoyant economy with further regularisation of loan payments, leading to a net impairment credit of AED 900 million.”
In 2023, the DFM-listed lender witnessed 65% year-on-year (YoY) higher net profits after tax at AED 21.52 billion, compared to AED 13.01 billion.
