Dubai – Mubasher: Emirates NBD reported a 12% year-on-year (YoY) surge in net profit to AED 13.80 billion during the first half (H1) of 2024.
The bank’s earnings per share jumped by 13% YoY to 214 fils in H1-24, according to a press release.
Deposits has reached AED 39 billion between 1 January and 30 June 2024, while assets under management (AUM) leapt by 41% YoY to $25 billion.
The total value of loans grew by 6% YoY to AED 500 billion in H1-24.
Shayne Nelson, Group CEO of Emirates NBD, commented: “Quarterly profit surpassed AED 7 billion for the first time ever, helped by the strongest ever results from Emirates Islamic, improving margins in DenizBank and sizeable recoveries bolstered by a buoyant economy.”
“All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and corporate lending originating AED 48 billion of gross new loans as it leverages the Group’s regional presence,” Nelson added.
Patrick Sullivan, Group Chief Financial Officer of Emirates NBD, stated: “Total income of AED 21.4 billion on strong loan growth across all business segments coupled with an excellent stable, low-cost funding mix.”
“The group’s net interest margin improved to 3.65% in the second quarter of 2024 as DenizBank NIMs increased on favourable loan pricing and stable funding costs,” Sullivan noted.
Emirates NBD posted a 67% YoY surge in net profit to AED 6.71 billion during the first quarter (Q1) of 2024 from AED 6.02 billion.
