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.
