Emirates NBD’s profit before tax rose 56 percent quarter-on-quarter to AED7.8 billion ($2.12 billion) in the first quarter of 2024 as strong lending momentum, an improvement in deposit mix, and new products drove an 11 percent year-on-year increase in income.
The bank’s balance sheet surpassed the AED1 trillion milestone, supported by impressive loan and deposit growth from a buoyant regional economy.
“All business units achieved an outstanding performance as they delivered higher income year-on-year. Emirates Islamic‘s quarterly profit exceeded AED1 billion for the first time ever, with very strong customer financing growth of 7 percent in Q1 2025, highlighting its position as an Islamic banking powerhouse in the UAE,” stated Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD.
Group’s assets under management hit $50 billion
Emirates NBD’s deposits also grew by 5 percent, driven by a record AED27 billion increase in low-cost current and savings account balances. Meanwhile, loans grew AED18 billion in the first quarter of 2025, with over half of the increase sourced from the growing international network. The AED46 billion of new lending helped deliver a 7 percent retail loan growth and a 6 percent corporate loan growth in the first quarter of the year.
Total income was up 5 percent to AED11.9 billion on strong loan growth and an improving low-cost funding mix. Notably, the bank held a 35 percent market share of UAE credit card spending, with over AED50 billion in credit and debit card spending in Q1 of 2025.
In addition, assets under management across the group grew to $50 billion, reflecting the ongoing success of the Bank’s wealth management strategy.
“The group’s ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, Digital and GenAI, helping to offset the impact of lower interest rates. Innovative products have successfully harnessed key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking,” added Shayne Nelson, Group CEO of Emirates NBD.
Read: Dubai sees surge in new business launches in 2024, total hits 19,904 since 2002
Saudi network expansion drives impressive loan growth
In the first quarter of 2025, Emirates NBD launched its first Abu Dhabi retail and lifestyle ‘Darna’ cobranded credit card in partnership with Aldar. The bank also emerged as one of the region’s top banks for customer experience with a Net Promoter Score of 48. Emirates NBD Capital also emerged as the number one investment bank for UAE IPOs and MENA Loans, and maintained its top 3 position for international sukuks.
In Saudi Arabia, the bank’s network expansion drove an impressive 15 percent loan growth last quarter. In addition, ENBD X launched in the Kingdom, upgrading its digital offerings in the country.
The bank also launched crypto trading through Liv X in partnership with Aquanow and Zodia Custody. Emirates NBD Pay also collaborated with Mastercard to enhance Digital Payment Solutions, becoming the first bank globally to offer Mastercard’s Brighterion AI technology
“We continue to develop strategic partnerships to accelerate advanced digital payment solutions for clients and have expanded our collaboration with 3 exciting FinTech companies, ranging from blockchain-based payments to international beneficiary validation. We actively use big-data analytics for deep data mining, expanding new merchant acquiring opportunities, and have over 50 active Advanced Analytics use cases, positioning Emirates NBD as a data-first bank,” added Nelson.
Looking to the future, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse.
