Emirates NBD has posted its highest quarterly profit since 2019, recording an 18 percent jump to reach AED 2.7 billion ($735 million) on record retail lending, deposit growth and customer transactions.
In a statement, the bank said the total income was up 3 percent year on year to AED 6.4 billion on improved loan mix and cheaper deposits with initial signs of higher rates starting to feed through to margins.
The bank’s total assets rose 1 percent to AED 694 billion despite the Turkish Lira depreciation, it said.
Customer loans were up 1 percent at AED 425 billion and the highest ever CASA balance, increasing by AED 18 billion in Q1-22, positioning the Group very well for rising interest rates, the statement added.
The bank said it played a leading role in the DEWA IPO, delivering customers a fully digital platform enabling a seamless, paperless journey from on-boarding and subscription through to payment.