Dubai’s largest bank, Emirates NBD, has reported its earnings for the first quarter of 2023, with an impressive total income of Dh10.5 billion and a net profit of Dh6 billion. This significant growth is a testament to the bank’s continued success in the region’s competitive banking landscape.
Emirates NBD’s strong Q1 results were driven by growth in its core banking activities, as well as its diversified business model. The bank’s net interest income rose by 6% year-on-year to Dh7.1 billion, while non-interest income increased by 12% to Dh3.4 billion. Emirates NBD’s continued focus on digital innovation has also been a significant factor in its success, with the bank’s digital channels accounting for over 90% of its transactions in Q1.
Commenting on the bank’s Q1 results, Emirates NBD’s Group Chairman, H.H. Sheikh Ahmed Bin Saeed Al Maktoum, said: “We are pleased to report a strong start to the year, with continued growth across our core banking activities and non-interest income streams. These results reflect the resilience of our business model, as well as our commitment to delivering value to our customers and shareholders.”
Emirates NBD’s CEO, Shane Nelson, added: “Our Q1 results demonstrate the strength of our diversified business model, as well as our ability to adapt to changing market conditions. We remain focused on delivering innovative solutions and best-in-class service to our customers, while also maintaining a disciplined approach to risk management.”
The bank’s solid Q1 performance is particularly impressive given the ongoing challenges posed by the COVID-19 pandemic. Emirates NBD has been at the forefront of efforts to support its customers and communities during this difficult time, with a range of initiatives aimed at providing relief and support to those affected by the pandemic.
In addition to its financial results, Emirates NBD has also been recognized for its efforts to promote sustainability and social responsibility. The bank was recently named the Most Sustainable Bank in the UAE by Global Finance magazine, in recognition of its commitment to sustainable business practices and its contributions to the community. Emirates NBD is dedicated to creating a more sustainable future and as part of its commitment, the bank has launched several initiatives such as the Emirates NBD Future Pioneers Program which aims to empower young people from all backgrounds across the UAE.
Looking ahead, Emirates NBD is well-positioned to continue its strong performance in the coming quarters. The bank’s focus on digital innovation and customer-centric solutions will be key to its success, as will its ability to navigate the ongoing challenges posed by the pandemic and changing market conditions. With a strong leadership team, resilient balance sheet and commitment to delivering exceptional service, we are confident that Emirates NBD will remain an industry-leading institution in the UAE. The bank is also committed to adhering to the highest standards of governance and compliance and has made significant investments in its Risk Management and Compliance functions.
Emirates NBD is one of the most prominent banks in the Middle East, with a significant presence in the UAE and a growing international footprint. The bank offers a wide range of financial products and services to individuals, businesses, and institutions, including retail banking, corporate banking, investment banking, and wealth management. Emirates NBD is committed to delivering excellent customer service and providing innovative solutions that meet the changing needs of its customers. The bank has a dedicated team of experts who specialize in various areas such as retail banking, wealth management, corporate banking, and investment banking.
Overall, Emirates NBD’s Q1 results are a clear indication of the bank’s continued success in the region’s competitive banking landscape. With a focus on innovation, customer-centric solutions, and sustainable business practices, Emirates NBD is well-positioned to continue delivering value to its customers and shareholders in the years ahead.
