Emirates NBD’s Q1 2023 profit doubled to a record AED 6 billion

Emirates NBD’s Q1 2023 profit doubled to a record AED 6 billion

DUBAI, 27th April, 2023 (WAM) – Emirates NBD’s profit more than doubles to a record AED 6 billion in the first quarter of 2023, demonstrating the success of the Group’s diversified business model and a healthy regional economy. This is also a record quarter for income which exceeds AED 10 billion for the first time ever.

The exceptional increase in profit reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries. Healthy sector liquidity helped deposits grow by AED 35 billion or 7% including a further AED 19 billion increase in Current and Savings Accounts, supporting a 3% increase in lending and impressive asset growth. Credit quality improved due to substantial recoveries reflecting the region’s growing economy with impairment charge down 66%. Every business unit delivered higher income and improved profitability. We have launched new digital products and services and recharged our strategy within our international footprint to deliver future growth.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said, “Emirates NBD’s profits more than doubles to a record AED 6 billion in the first quarter of 2023, reflecting the success of the Group’s diversified business model and a healthy regional economy. As a leading bank