Emirates NBD’s 2023 profit surges 65% to Dhs21.5 billion

Gulf Today, Staff Reporter

Emirates NBD’s profit surged 65% to Dhs21.5 billion in 2023 on asset growth, a stable low-cost funding base, increased transaction volumes and substantial impaired loan recoveries.

Q4-23 profit of Dhs4 billion was up 3% y-o-y on higher income reflecting a buoyant regional economy. In light of the Group’s excellent performance, the Board of Directors is proposing a 100 fils dividend plus 20 fils celebrating its 60th anniversary, doubling last year’s dividend.

Emirates NBD’s asset base jumped 16% in 2023 as the Group’s market-leading deposit franchise grew Dhs82 billion, with low-cost Current and Savings Accounts adding an impressive Dhs30 billion. Lending grew 5% on strong Retail loan growth, coupled with Dhs70 billion new Corporate lending. The rock-solid balance sheet makes Emirates NBD a regional powerhouse.

Credit quality improved significantly with impairment charge down 33% and the impaired loan ratio improving to 4.6%, the lowest level since 2009. All business units delivered an outstanding performance.

Its network in the Kingdom of Saudi Arabia expanded to 15 branches and it refreshed its branch presence in Egypt, enhancing its international footprint and digital capabilities to drive further growth. Emirates NBD is proud to be the Principal Banking Partner for COP28.