Emirates NBD made astonishing profits in the first quarter of 2024, when it soared by a whopping 67 percent, hitting a record AED 6.7 billion in comparison to the last quarter. The icing on the cake is that it increased 12% from that of last year.
This incredible growth is a result of their expansion in the region, their transaction volumes shot up, and they’ve been pulling in a ton of low-cost funding. Plus, they’ve managed to recover a bunch of loans that were previously written off.
Their total assets now stand at over AED 900 billion. That’s a major milestone. Both their retail and corporate lending have been at an all-time high and they’ve been clinching some major deals in the corporate world across the region.
For deposits they added a massive AED 26 billion in thquartere first quarter alone. And a huge chunk of that came from low-cost accounts, like current and savings accounts attracting customers.
Their earnings per share shot up significantly, showing just how much investors are loving their performance. They’ve also been investing heavily in customer services and products, which seems to be paying off big time.
Hesham Abdulla Al Qassim, vice-chairman and managing director, said:
“Emirates NBD’s profit surged 67 per cent to a record Dh6.7 billion in the first quarter of 2024, propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries.”
“In support of the Government of Dubai’s ‘Dubai International Growth Initiative’, we have allocated Dh500 millions of competitively priced financing to Dubai-based SMEs to facilitate their global expansion,”
Al Qassim said.
This is all a part of their futuristic strategy. They’re diving headfirst into digital transformation and focusing on being more environmentally responsible. Plus, they’re expanding their presence in key markets like Saudi Arabia and celebrating milestones like 20 years of innovative Sharia’h compliant banking with Emirates Islamic.
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Moreover, they are also committed to sustainability. They’re ranked among the top banks globally for their environmental, social, and governance practices. They even launched programs to support green fintech companies and help clients trade carbon futures.
