Emirates NBD pulls in ‘record’ numbers for H1-2023, profit crosses Dh12 billion

Emirates NBD pulls in ‘record’ numbers for H1-2023, profit crosses Dh12 billion

Income and profit turn in record performance on higher loans, despots and improved margins











Published: 

July 27, 2023 08:52





Last updated: 

July 27, 2023 08:58







Gulf News Report































Emirates NBD's deposit base totalled a substantial Dh53 billion at the end of first-half 2023. Of this, CASA made up Dh37 billion.

Image Credit: Bloomberg







Dubai: For one of the UAE’s biggest banks, Emirates NBD, it’s ‘record’ territory at the half-year mark, with profits hitting Dh12.3 billion from Dh21.3 billion in income generated. Both numbers are a record for the Dubai-headquartered bank, helped by ‘improved’ loan and deposits as well as the prevailing higher interest rates.



In the second quarter alone, the bank had income of Dh10.8 billion and a profit of Dh6.2 billion.









“The exceptional profitability reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries,” it said.



“Emirates NBD’s market-leading deposit franchise added Dh53 billion of deposits including Dh37 billion of low-cost CASA (current and savings accounts).”





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