Emirates NBD’s profit before tax climbed 15 percent to a record AED27.1 billion ($7.38 billion) in 2024 as it expanded its regional presence and enhanced its wealth management franchise. Net profit grew 7 percent year-on-year to AED23 billion.
The bank’s income last year grew to over AED44 billion in 2024 with strategic investments in digital banking and branch networks, generating significant new revenue streams.
“Emirates NBD’s record income and profit is a direct benefit of successfully harnessing key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking,” stated Shayne Nelson, group CEO.
Emirates NBD Capital generates highest-ever revenue
In its latest financial statement, Emirates NBD said that all business units achieved outstanding performance with AED160 billion in new loans provided to customers, driving assets up 16 percent as it maintained a one-third market share of UAE credit cards.
Emirates NBD Capital, the number one investment bank for UAE IPOs, generated its highest-ever revenue during its busiest year for transactions where it priced over 100 sukuk and bond issues. Meanwhile, Emirates Islamic delivered a record profit of AED 2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE.
“In light of the group’s excellent performance, the Board of Directors is proposing a 100 fils dividend,” said Emirates NBD. The bank also revealed that earnings per share grew significantly by 7 percent to 356 fils in 2024.
Deposit mix grows AED82 billion
Emirates NBD’s deposit mix was a key strength in 2024, growing AED82 billion, including an AED48 billion increase in current and savings accounts. Emirates NBD attributed the outstanding 30 percent growth in retail banking and wealth management lending to record levels of new acquisitions, complementing tremendous deposit success from numerous customer campaigns.
“Dubai’s GDP is projected to grow 5 percent in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth,” stated Sheikh Ahmed Bin Saeed Al Maktoum, chairman, Emirates NBD.
Saudi Arabia expansion propels loan growth
The bank’s branch expansion in Saudi Arabia also enabled its loan book to grow by a very impressive 57 percent in 2024. Saudi Arabia’s network expanded to 21 branches and 62 ATMs.
“Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond,” added Sheikh Ahmed.
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Assets under management surge over $44 billion
“Our enhanced Digital Wealth platform propelled Assets Under Management beyond $44 billion, with digital wealth transactions up ninefold in 2024,” added Nelson.
Emirates NBD has continued to propel digital transformation, building a dominant presence in digital retail with the first E-commerce co-branded credit card launch.
“98 percent of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population,” stated Hesham Abdulla Al Qassim, vice chairman and managing director.
Nelson explained that the bank is employing generative AI to identify trade opportunities, expand merchant acquiring prospects through data mining, and screen transactions using machine-learning-based alerts. Emirates NBD’s investment in digital and expanded networks position it perfectly to benefit from a buoyant regional economy.
Emirates NBD also has the highest number of LEED Platinum-certified branches of any bank globally and is recognized as the leading bank in the region for sustainable solutions.
