Emirates NBD’s profits jumped 40% to Dhs13 billion in 2022, thanks to the bank’s diversified business model and the strong economic growth in the region.
The fourth quarter of the year was particularly successful, with profits reaching Dhs3.9 billion, a 94% year-over-year increase. This was due to improved margins and a lower cost of risk. Throughout the year, the bank’s retail lending and customer transactions were at an all-time high, resulting in a 36% increase in income.
Corporate lending also saw significant growth in 2022, with an increase of Dhs50 billion, indicating continued optimism in the business sector.
Current and Savings Accounts
Additionally, Emirates NBD experienced a Dhs20 billion growth in Current and Savings Accounts, which improved the deposit mix and was aided by strong sector liquidity.
Credit quality remains strong, reflecting the strength of the regional economy, with impairment charges decreasing by 12%.
Emirates NBD also expanded its international presence by opening new branches in Saudi Arabia, Egypt, and India and investing in digital capabilities to support further growth.
The bank offers a wide range of banking and financial services, including personal and corporate banking, wealth management, and investment banking.
Emirates NBD has a strong retail banking presence in the UAE, with a network of branches and ATMs throughout the country.
tanvir@dubainewsweek.com
