Emirates NBD’s Q1 2024 profit surges 67% to AED6.7bn

Emirates NBD’s Q1 2024 profit surges 67% to AED6.7bn

DUBAI/ WAM Emirates NBD’s profit surged 67 percent to a record AED6.7 billion in the first quarter of 2024 compared to the previous quarter and up a strong 12 percent year-on-year propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries. The group’s asset base surpassed AED900 billion, a ...

DUBAI/ WAM

Emirates NBD’s profit surged 67 percent to a record AED6.7 billion in the first quarter of 2024 compared to the previous quarter and up a strong 12 percent year-on-year propelled by regional growth, increased transaction volumes, a low-cost funding base, and substantial impaired loan recoveries. The group’s asset base surpassed AED900 billion, a five percent growth, as retail lending had its strongest-ever quarter and corporate lending closed landmark deals across the region. The branch’s presence in the Kingdom of Saudi Arabia more than doubled to 18 branches over the last year. They refreshed their Egyptian franchise, as their enhanced international footprint and digital capabilities drove further growth.

Emirates NBD’s market-leading deposit franchise grew AED26 billion in the first quarter, with customer campaigns, digital banking, and promotions delivering a remarkable AED21 billion increase in low-cost current and savings accounts. Credit quality improved significantly, and the Group