Emirates NBD’s 2022 profit jumps 40% to Dh13 billion

Emirates NBD’s 2022 profit jumps 40% to Dh13 billion

The fourth-quarter profits soared 94 per cent to Dh3.9 billion year-on-year basis, reflecting improving margins and a lower cost of risk

Emirates NBD's earnings per share went up significantly by 43 per cent to 198 fils last year as the proposed dividend rose 20 per cent to 60 fils per share. — Supplied photos

Published: Thu 26 Jan 2023, 4:42 PM

Dubai’s largest lender Emirates NBD reported on Thursday a 40 per cent jump in 2022 annual profits to Dh13 billion on the back of “an exceptionally strong” fourth quarter performance.

The fourth-quarter profits soared 94 per cent to Dh3.9 billion year-on-year basis, reflecting improving margins and a lower cost of risk.

“2022 was a record year for retail lending and customer transactions, with all business units delivering outstanding performance, driving income 36 per cent higher. New corporate lending grew by Dh50 billion in 2022 reflecting continued business optimism and Dh20 billion further Current and savings account growth improved the deposit mix, helped by strong sector liquidity,” the bank said in a statement.

In 2022, total assets grew eight per cent to Dh742 billion and total income surged 36 per cent to Dh32.5 billion on an “excellent deposit mix” with higher interest rates feeding through to