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Here's how to make the most out of your loan with us.
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Our various FX products and services help you conduct your international transactions easily.
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Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
View support centreEveryday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usStart your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
View support centreEveryday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Start your Priority Banking journey and live your success
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usRecord half for Retail lending and customer transactions
Dubai, 28 July 2022
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
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
Shayne Nelson, Group Chief Executive Officer said:
Patrick Sullivan, Group Chief Financial Officer said:
Financial Review
Operating Performance
Total income for H1-22 was up 23% y-o-y to AED 14.2 billion. Net interest income was up 16% y-o-y on improved loan and deposit mix with higher rates feeding through to margins. Further CASA growth improved funding costs and the balance sheet is well positioned to continue benefiting from rate rises. Non-funded income was up 40% y-o-y from increased local and international card transactions, coupled with growth in FX & Derivative income.
Expenses remain well controlled and within guidance. Higher income from rate rises enables accelerated investment in Advanced Analytics and the international network to drive future growth.
Impairment allowances in H1-22 were down substantially 28% y-o-y reflecting higher recoveries and writebacks and the improving operating environment, with 79 bps cost of risk lower than guidance.
Balance Sheet Trends
Loan increased by 1% in H1-22, with a strong half-year for EI and Retail financing which grew by 11% and 8% respectively with DenizBank's loans up 26%.
Deposit mix improved in H1-22 with AED 10 billion growth in CASA enabling the Group to benefit further from interest rate rises.
Liquidity remains strong with the Liquidity Coverage Ratio at 154.8% and the Advances to Deposits Ratio at 90.8%.
During the first half of 2022, the Non-Performing Loan ratio improved by 0.2% to 6.1% whilst the Coverage ratio strengthened to 133.3%, demonstrating the Group's continued prudent approach towards credit risk management.
As at 30 June 2022, the Group's Common Equity Tier 1 ratio is 15.0%, Tier 1 ratio is 16.9% and Capital Adequacy ratio is 18.0%.
Business Performance
Outlook
For the UAE and the GCC, higher oil prices will push budgets into surplus and reduce the need for sovereign debt issuance this year. Central Bank statistics show that the UAE's economy expanded by 8.2% y-o-y in the first quarter of 2022, led by higher oil production and strong 6% growth from the non-oil sector, as the country benefitted from increased travel & tourism, coupled with the positive impact of Expo 2020.
Global Inflation at multi-decade highs has led to interest rates rising at a faster pace than had been expected just a few months ago. The Federal Reserve is expected to raise rates by at least another 200bp before year-end.
Egypt and Turkey have seen a strong surge in services inflow and tourism revenue as global travel resumed, which is offsetting some of the impact from rising energy costs on the current account deficit.
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