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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 Expected Working Life Reaches 39.5 Years, Above EU Average

People in Cyprus are expected to spend 39.5 years in the workforce, around two years longer than the European Union average of 37.5 years, according to the latest Eurostat data for 2025.

The figure places Cyprus among the EU countries with the longest expected working lives.

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Cyprus Ranks Above EU Average

Only a handful of member states recorded higher figures than Cyprus. The Netherlands topped the ranking at 44 years, followed by Sweden at 43.4 years, Denmark at 42.6 years, and Estonia at 41.5 years.

At the other end of the ranking were Romania with 32.7 years, Italy with 33.0 years, Bulgaria with 34.6 years and Greece with 35.3 years.

Gender Gap Remains Wider Than EU Average

Men in Cyprus are expected to remain in work for 42.1 years, compared with 36.7 years for women. The gap of 5.4 years exceeds the EU average gender gap of 4.1 years.

Across the bloc, Lithuania, Latvia and Estonia were the only countries where women were expected to spend longer in employment than men. Finland recorded the smallest positive gender gap at 0.7 years.

Italy posted the widest gap at 8.9 years, followed by Romania at 6.9 years, Greece at 6.7 years and Malta at 6.3 years.

Working Lives Continue To Lengthen

Between 2016 and 2025, expected working life in Cyprus increased by 3.5 years, placing the country among the strongest performers in the EU over the period. Men’s expected working life rose by 3.3 years, while women’s increased by 3.6 years.

Across the EU, every member state recorded an increase. Malta posted the largest gain at 4.9 years, followed by Hungary and Ireland at 4.2 years each, and the Netherlands at 4.1 years.

Malta’s increase was driven largely by women, whose expected working life rose by 7.8 years, the biggest increase recorded across the bloc.

By comparison, Romania, Spain, Italy, Germany and Austria recorded gains of two years or less over the same period.

Women’s Working Lives Increase Faster Across Europe

Women’s expected working life increased faster than men’s in most EU countries. Denmark, Romania, Sweden and Greece were the main exceptions.

In Cyprus, gains for men and women were broadly similar, alongside Bulgaria, Belgium and Slovenia.