Dubai, UAE— Emirates NBD’s (ENBD) profits jumped 25 percent in the first nine months of 2022, close to the yearlong level reported for 2021.
Q3 profit was exceptionally strong at AED3.8 billion, up 51 percent year-on-year (YoY), exceeding US$1 billion equivalent, the bank said.
A record quarter for retail lending and customer transactions, together with improving margins, drove income 31 percent higher YoY to AED22.7 billion.
New corporate lending grew by AED24 billion in the first nine months of 2022 and impairment was down 12 percent.
Hesham Abdulla Al Qassim, ENBD Vice Chairman and Managing Director, said, “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.”
Shayne Nelson, ENBD’s Group Chief Executive Officer, said, “Net profit of AED9.1 billion increased substantially by 25 percent YoY, almost reaching the Group’s profit level for the whole of 2021. International operations provide diversification and growth opportunities, contributing 40 percent of total income.”
“Emirates NBD Egypt recorded 50 percent growth in e-transactions in 2022 as it successfully harnesses the Group’s IT infrastructure. These strong results, healthy profitability and positive economic outlook for the region enable us to accelerate our investment for future growth,” he said.