Emirates NBD reports profit rise of 25% to AED9.1 billion

The company reported a profit jump for the first nine months of 2022. Emirates NBD announced its nine-month profit rise to 25 percent, amounting to AED9.1 billion, the amount is close to the profits reported through the whole of 2021.Q3 profits were reported at AED3.8 billion, up by 51 percent year on year. New corporate lending grew by AED24 billion in the first nine months of 2022 reflecting increased business optimism and strong sector liquidity.

Impairment allowances are substantially down 12 percent year on year reflecting a robust operating environment. Earnings per share were up 28 percent to 138 fils, underlying up 63 percent for the first none months of this year. Emirates NBD’s total assets are up 5 percent at AED721 billion.

Emirates NBD and Emirates Islamic have a captured market share of 31 percent in UAE debit and credit card spending. Over 1 million daily transactions were processed, equivalent to one every 11 seconds.

“Emirates NBD played a leading role in the country’s recent IPOs, enabling new and existing customers to access and trade shares on the Dubai Financial Markets,” said Hesham Abdulla Al Qassim, Vice Chairman and Managing Director.

“These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth,” said Shayne Nelson, Group Chief Executive Officer.

“The diversified balance sheet, solid capital base and strong operating profitability are core strengths of the group,” said Patrick Sullivan, Group Chief Financial Officer.

The outlook for the Middle East remains positive despite the weak global backdrop. Higher oil prices in 2022 have pushed GCC budgets into surplus and strengthened sovereign balance sheets.