Start your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
View support centreEveryday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Start your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
View support centreEveryday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Start your Priority Banking journey and live your success
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Emirates NBD’s profit surge 130% to a record AED 12.3 billion in the first half of 2023 on strong Current and Savings Accounts growth coupled with a healthy increase in lending. Q2-23 is also a record quarter with income growing to AED 10.8 billion and profit rising to AED 6.2 billion, reflecting the buoyant regional economy. The exceptional profitability reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries. Emirates NBD’s market-leading deposit franchise added AED 53 billion of deposits including AED 37 billion of low-cost Current and Savings Accounts. Success in record Retail Lending growth and Corporate Lending closing key deals across the region drove 5% loan growth, with guidance revised positively upwards. All business units delivered higher income and profit. The Group’s investment in technology and AI enabled the agile launch of new digital products and services which is driving business growth. The rock-solid balance sheet makes Emirates NBD a regional powerhouse leading to Emirates NBD being recognised as ‘Best Bank in the Middle East’ and ‘Best Bank in the UAE’ at the Euromoney Excellence Awards 2023.
Key Highlights – First Half 2023
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
Shayne Nelson, Group Chief Executive Officer said:
Patrick Sullivan, Group Chief Financial Officer said:
Financial Review
Rounding differences may appear throughout the document
Operating Performance
Total income for H1-23 is up 50% y-o-y and up 3% q-o-q to AED 21.3 billion. Net interest income is up 53% y-o-y on an excellent deposit mix with higher interest rates feeding through to margins and strong growth across all business segments and products. Non-funded income is up 44% y-o-y from increased local and international card transactions, coupled with growth in FX & Derivative income.
Expenses remain well controlled with the H1-23 cost to income ratio within guidance at 25.6% reflecting stronger income enabling accelerated investment in AI and international growth to drive future business growth.
Impairment allowances in H1-23 are substantially lower, down 50% y-o-y, reflecting strong recoveries and the healthy operating environment.
Quarterly profit rises to AED 6.2 billion on the back of higher income, the highest ever quarterly profit delivered by a UAE bank.
Balance Sheet Trends
Lending increased during H1-23 by AED 23 billion with the conventional and Islamic retail franchise having its strongest ever half-year for acquisition of loans
Deposits grew by AED 53 billion in the first half of 2023, including a AED 37 billion increase in Current and Savings Account balances helping maintain a stable, efficient funding base.
Liquidity remains strong with the Liquidity Coverage Ratio at 217% and the Advances to Deposits Ratio at 79%.
During the half year, the Non-Performing Loan ratio improved to 5.6% on significant writeback and recoveries whilst the Coverage ratio strengthened to 147%, demonstrating the Group’s continued successful approach to loan management and its prudent approach towards credit risk management.
As at 30 June 2023, the Group’s Common Equity Tier 1 ratio is 16.6%, Tier 1 ratio is 18.4% and Capital Adequacy ratio is 19.5%
Business Performance
Outlook
GCC economies have been resilient against a weaker global backdrop and higher interest rates. PMI surveys indicate robust activity in non-oil sectors in the first half of 2023 across the region. Emirates NBD Research revised their forecast for UAE growth in 2023 to 2.9% from 3.2% on the expectation of a contraction in hydrocarbon GDP although we revised up our forecast for UAE non-oil GDP growth to 5.0% this year, from 3.5% previously. The UAE’s national energy strategy expects up to AED 200 billion of investment as it triples the contribution of renewable energy by 2030. Other economic sectors such as tourism are flourishing with Dubai tourist numbers recovering close to pre-pandemic levels. In the wider MENAT region, Egypt made successful asset sales reflecting their commitment to revamp the economy and Türkiye increased interest rates to help address inflation.
Thank you for your feedback!
We'd love to know.
Copyright © 2024