Emirates NBD, Dubai’s largest lender, reported a 12 percent increase in half-year profit to a record Dh13.8 billion on Thursday, driven by increased lending across its regional network and significant impaired loan recoveries.
The bank reported that its quarterly profit surpassed Dh7 billion for the first time, “helped by the strongest ever results from Emirates Islamic, improving margins in DenizBank, and sizeable recoveries bolstered by a buoyant economy.” Lending increased by 6.0% in the first half of 2024, surpassing the Dh500 billion milestone due to strong regional demand.
Shayne Nelson, group CEO, stated that all business units performed admirably, delivering record retail lending, a one-third market share of UAE credit card spend, and increasing Assets Under Management by an incredible 41% year on year.
“We are extremely proud that Emirates Islamic achieved its highest-ever profit of Dh1.7 billion in the first half of 2024, as its balance sheet surpassed the Dh100 billion mark. Retained earnings have boosted capital ratios, and the rock-solid balance sheet, combined with a market-leading banking infrastructure, positions Emirates NBD as a regional powerhouse to drive future growth,” Nelson said. Looking ahead, he stated that Emirates NBD is transforming into a data-first, digitally focused, and environmentally responsible regional powerhouse.
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