Dubai – Mubasher: Emirates NBD logged net profits valued at AED 6 billion in the first quarter (Q1) of 2023, an annual leap of 119% from AED 2.70 billion.
The UAE lender registered total income amounting to AED 10.50 billion in the January-March 2023 period, a 64% year-on-year (YoY) hike from AED 6.40 billion.
This is the first time a quarterly income exceeds AED 10 billion in the bank’s history, according to a press release.
Meanwhile, the earnings per share (EPS) stood at 93 fils during the first three months (3M) of 2023.
The total assets increased by 5% to AED 782 billion in Q1-23 from AED 742 billion as of 31 December 2022, while the deposits grew by 7% to AED 538 billion from AED 503 billion.
Shayne Nelson, Group CEO of Emirates NBD, said: “Q1-23 is the strongest ever quarter for retail lending with over 144,000 new credit cards issued and over AED 8 billion of retail loan disbursements.”
Patrick Sullivan, Group CFO of Emirates NBD, commented: “Higher income enables us to accelerate our international expansion and investment in digital and data, which will deliver alternative revenue streams and offset against the impact from expected future interest rate cuts.”
“Liquidity in the UAE banking sector remains healthy and we grew deposits by AED 35 billion in Q1-23, including AED 19 billion increase in Current and Savings Account balances,” Sullivan added.
In January-December 2022, the DFM-listed bank posted a 40% YoY jump in net profit attributable to the shareholders to AED 13 billion from AED 9.29 billion.
