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Emirates NBD’s 2024 Net Profit Rises 7% To $6.3 Billion

by THEFUTURE.TEAM

January 29, 2025

Emirates NBD has reported a 7% year-on-year increase in its net profit for 2024, reaching $6.3 billion (AED 23 billion). The rise was driven by strong income growth, robust loan performance, and a strategic focus on digital banking and revenue diversification.

Key Highlights

Total Income: Emirates NBD’s total income for 2024 rose by 3% year-on-year, reaching $12 billion (AED 44.1 billion), underpinned by a 10% growth in loans and a stable, low-cost funding mix.
Loan Growth: The bank issued $43.6 billion (AED 160 billion) in new loans, leading to a 16% year-on-year increase in its assets.
Corporate Loans: The lender provided $23.9 billion (AED 88 billion) in new corporate loans, leveraging its optimized regional network. Retail lending also surged by 30%, driven by growth in its Priority and Private banking segments.
Operating Expenses: Operating expenses rose 18% year-on-year, totaling $3.8 billion (AED 13.8 billion).
Earnings Per Share (EPS): EPS grew by 7%, reaching 356 fils in 2024.

Strong Performance Across Business Units

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Emirates Islamic, the bank’s Sharia-compliant arm, achieved a record profit of $762.3 million (AED 2.8 billion). Deposit growth was also notable, with an increase of $22.3 billion (AED 82 billion) in 2024, including a $13.1 billion (AED 48 billion) rise in current and savings accounts. The bank’s international expansion, particularly in Saudi Arabia, contributed to a 57% increase in its loan book, with 21 branches and 62 ATMs.

Digital Transformation

98% of new current accounts were opened via digital channels, with 40% through the mobile app and 58% via assisted tablets.
The bank also saw a ninefold increase in digital wealth transaction volumes in 2024.

Other Noteworthy Achievements

Emirates NBD maintained a one-third market share of UAE credit card spend, with card spending up 18% in 2024.

The bank ranked number one in UAE IPOs and successfully priced over 100 sukuk and bond issues through Emirates NBD Capital.

Ranked sixth on Forbes Middle East’s lists of the 30 Most Valuable Banks 2024 and the Top 100 Listed Companies 2024, Emirates NBD continues to solidify its position as a leading financial institution in the region. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, emphasized the bank’s strategy for growth: “Our international expansion story is one of growth, diversification, and resilience, leveraging our unique proposition to expand our footprint across the MENA region and beyond.”

With a total of $44 billion (AED 160 billion) in assets under management as of January 29, 2025, Emirates NBD is well-positioned to maintain its leadership in both the domestic and international markets.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.