Emirates NBD’s H1 2022 profit rises 11% to AED 5.3bln

Emirates NBD’s H1 2022 profit rises 11% to AED 5.3bln

Emirates NBD delivered its highest first-half profit since 2019. Q2 profit was exceptionally strong at AED 3.5 billion, up 42% y-o-y. Another record half-year for retail lending and customer transactions together with improving margins drove income up 23% y-o-y. Credit quality across the Group’s footprint continues to improve with impairment down 28%. These results build on the economic recovery momentum from 2021. With its strong profitability and balance sheet the Group’s short and long-term Moody’s ratings have been upgraded. We are extremely well positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth. Emirates NBD is proud to have played a leading role in the DEWA and TECOM IPOs, delivering customers a fully digital platform from on-boarding and subscription through to payment.

Key Highlights – First Half 2022

- Increase in operating performance as loan and deposit mix improved on continued record demand for retail financing, an efficient funding base and a substantially lower cost of risk

- Total income up 23% y-o-y to AED 14.2 billion on improved loan mix and cheaper deposits with higher interest rates feeding through to margins

- Net interest margin guidance raised by 50bps due to higher interest