Emirates NBD 2023 profit rises 65% to $5.9bn

Emirates NBD 2023 profit rises 65% to $5.9bn

Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 on asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income. Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago. Total income gained 32 percent to AED 43 billion on […]Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 on asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income.

Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago.

Total income gained 32 percent to AED 43 billion on high deposit mix, solid loan growth and strong fee and commission growth across all business segments.

Total assets grew 16 percent to AED863 billion. The deposit franchise rose AED 82 billion, with low-cost current and savings accounts reaching AED 30 billion.

Credit quality improved significantly, with impairment charges down 33 percent and the impaired loan ratio improving to 4.6 percent, the lowest level since 2009.

“We used its strong balance sheet to support economic growth in the UAE, providing over AED70 billion of new corporate lending, and a significant increase in lending to Small and