ENBD posts Dhs23 billion profit after tax in 2024

Emirates NBD reported a record Dhs27.1 billion profit before tax in 2024, up 15 per cent from the previous year, while the profit after tax reached Dhs23 billion, up 7 per cent.

In a statement, the bank said that the Board of Directors is proposing a 100 fils dividend per share.

Income climbed to over Dhs44 billion in 2024 driven by the Group’s strategic investment in digital banking and branch network, generating significant new revenue streams.

The bank reported a 10 per cent loan growth in 2024, with Dhs88 billion of new corporate lending on optimisation of regional network and 30 per cent increase in retail lending as Priority and Private banking franchise grows rapidly.

Deposit mix grew by Dhs82 billion in 2024, including an Dhs48 billion increase in Current and Savings Accounts (CASA).

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates NBD, said, “Emirates NBD’s profit before tax climbed to a record Dhs27.1 billion in 2024 as the Group optimises its regional corporate presence and expands its Wealth Management, Priority and Private banking franchise.”

He added, “We are delighted with our incredible 57 per cent loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs.”

The Chairman projected that Dubai’s GDP is to grow 5 per cent in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said that 98 per cent of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population.

WAM