Emirates NBD’s profit before tax climbed to a record AED27.1 billion ($7.38 billion) in 2024, a 15% increase compared to 2023 figures, as it expanded its regional presence and enhanced its wealth management franchise.

 

The group recorded a net profit after tax of AED23 billion ($6.26 billion), up 7% on 2023 numbers.   

 

Income grew to over AED44 billion in 2024, a 3 per cent growth year-on-year, with the group’s strategic investment in digital banking and branch network, generating significant new revenue streams, said the bank. 

 

All business units achieved an outstanding performance with AED160 billion ($43.56 billion) in new loans provided to customers, driving assets up an excellent 16% as it maintained a one-third market share of UAE credit cards. 

 

Emirates NBD Capital, the number one investment bank for UAE IPOs, generated its highest ever revenue, during its busiest year for transactions. 

 

Emirates Islamic delivered a record profit of AED2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE. 

 

In light of the group’s excellent performance, the Board of Directors is proposing a 100 fils dividend.

 

Other key highlights 

• 10% loan growth in 2024, with AED88 billion of new corporate lending on optimisation of regional network and 30% increase in retail lending as priority and private banking franchise grows rapidly 

• Deposit mix is a key strength, growing AED82 billion in 2024, including a AED48 billion increase in Current & Savings Accounts (CASA)

• Impairment charge of AED0.1 billion with zero cost of risk, a record low, on strong recoveries

• Impaired loan ratio improved to 3.3% as clients benefit from a buoyant economy 

• Emirates Islamic’s AED2.8 billion record profit driven by exceptional 31% customer financing growth in 2024 

• Earnings per share up significantly by 7% to 356 fils in 2024

• Assets Under Management across the Group now exceed $44 billion, reflecting ongoing success of our wealth management strategy 

• KSA network expanded to 21 branches and 62 ATMs, driving an impressive 57% loan growth in 2024

 

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD, said: “Emirates NBD’s profit before tax climbed to a record AED27.1 billion in 2024 as the Group optimises its regional corporate presence and expands its Wealth Management, Priority and Private banking franchise.

 

“We are delighted with our incredible 57% loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs.  Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond,” he said.

 

Dubai’s GDP is projected to grow 5% 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, said Sheikh Ahmed..

 

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said: “Income grew to over AED44 billion in 2024 as the group’s strategic investment in digital banking and regional expansion generates new revenue streams. 98% of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population.

 

“All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and corporate originating AED88 billion of gross new loans, two-thirds of which is to the private sector, as it leverages the group’s regional presence,” he said.

 

Shayne Nelson, Group Chief Executive Officer, said: “Emirates NBD’s record income and profit is a direct benefit of successfully harnessing key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking. 

 

“Our enhanced Digital Wealth platform propelled Assets Under Management beyond $44 billion, with digital wealth transactions up ninefold in 2024.

 

“Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally and is recognised as the leading bank in the region for sustainable solutions,” he said. 

 

“We are employing Generative AI to identify trade opportunities, expand merchant acquiring prospects through data mining and screen transactions using machine-learning based alerts. Emirates NBD’s investment in digital and expanded network positions it perfectly to benefit from a buoyant regional economy,” he added.  – TradeArabia News Service