Emirates NBD's profit before tax increases by 15% to record AED 27.1bln in 2024
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Emirates NBD's profit before tax climbed to a record AED 27.1 billion in 2024 as it expanded its regional presence and enhanced its Wealth Management franchise. Income grew to over AED 44 billion in 2024 with the Group's strategic investment in digital banking and branch network, generating significant new revenue streams. All business units achieved an outstanding performance with AED 160 billion in new loans provided to customers, driving assets up an excellent 16% as it maintained a one-third market share of UAE credit cards. Emirates NBD Capital, the number one investment bank for UAE IPOs, generated its highest ever revenue, during its busiest year for transactions. Emirates Islamic delivered a record profit of AED 2.8 billion, firmly establishing itself as an Islamic banking powerhouse in the UAE. Our branch expansion in the Kingdom of Saudi Arabia enabled its loan book to grow by a very impressive 57% in 2024. In light of the Group's excellent performance, the Board of Directors is proposing a 100 fils dividend.
Key Highlights – 2024
Profit before tax 15% higher on significant loan growth, a low-cost funding base, strong transaction volumes and substantial recoveries. Profit after tax of AED 23 billion up 7%.
Total income up to AED 44.1 billion on strong loan growth coupled with an excellent stable, low-cost funding mix
10% loan growth in 2024, with AED 88 billion of new Corporate lending on optimisation of regional network and 30% increase in Retail lending as Priority and Private banking franchise grows rapidly
Deposit mix is a key strength, growing AED 82 billion in 2024, including a AED 48 billion increase in Current & Savings Accounts ('CASA')
Impairment charge of AED 0.1 billion with zero Cost of Risk, a record low, on strong recoveries
Impaired loan ratio improved to 3.3% as clients benefit from a buoyant economy
Emirates Islamic's AED 2.8 billion record profit driven by exceptional 31% Customer Financing growth in 2024
Earnings per share up significantly by 7% to 356 fils in 2024
Emirates NBD's investment in customer focused services & products is propelling business growth
Outstanding 30% growth in Retail Banking & Wealth Management lending on the back of record levels of new acquisitions, complementing tremendous deposit success from numerous customer campaigns
98% of new current accounts opened via mobile app (40%) or assisted Tablet (58%)
One-third market share of UAE Credit Card spend as card spend grew 18% in 2024
Two-thirds of new Corporate lending is to the Private sector
Building a dominant presence in Digital Retail with first E-commerce co-branded credit card launched
Digital wealth transaction volumes up ninefold in 2024
Free local equity trading on award winning ENBD X & EI+ apps, supporting regional stock markets
Assets Under Management across the Group now exceed USD 44 billion, reflecting ongoing success of our wealth management strategy
KSA network expanded to 21 branches and 62 ATMs, driving an impressive 57% loan growth in 2024
Highest ever Investment Banking revenue as Emirates NBD Capital is the number one investment bank for UAE IPOs and priced over 100 sukuk and bond issues
Corporate CASA growth backed by best-in-class digital escrow capabilities, APIs & virtual accounts
Real-time Payment Tracker introduced for businessONLINE customers
FXHUB launched for automated client FX trades
Looking to the future, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse
Generative AI implementation across business operations in partnership with Microsoft
SME FX & Trade opportunities identified through AI customer behaviour analysis
GenAI document extraction helping streamline SME client onboarding
Big-data analytics performs deep data mining, expanding new merchant acquiring opportunities
Anti Money Laundering transaction screening enhanced with machine-learning based alerts
Over 50 Advanced Analytics use cases, positioning Emirates NBD as a data-first bank
Innovation Fund invested in 7 new startups in 2024, growing the portfolio to 9 companies
Established paperless smartGUARANTEES system, leveraging robotics for fully digital process
Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally
Sustainable Deposits launched offering attractive returns while supporting eco-friendly projects
First bank globally to issue a Sustainability-Linked Loans Bond aligned with ICMA/LMA guidelines
Significant increase in ESG-linked Corporate lending facilities across the UAE and KSA
Sustainalytics rating improved to 'Low Risk'; leading GCC bank for ESG and rated 5th out of 311 diversified banks globally
His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD said:
'Emirates NBD's profit before tax climbed to a record AED 27.1 billion in 2024 as the Group optimises its regional corporate presence and expands its Wealth Management, Priority and Private banking franchise.
We are delighted with our incredible 57% loan growth in the Kingdom of Saudi Arabia in 2024, driven by our expanded network of 21 branches and 62 dedicated ATMs.
Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond.
Dubai's GDP is projected to grow 5% in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics, and Emirates NBD stands ready to continue driving UAE and regional growth.
In light of the Group's excellent performance, we are proposing a 100 fils dividend.'
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
'Income grew to over AED 44 billion in 2024 as the Group's strategic investment in digital banking and regional expansion generates new revenue streams.
98% of customers are now onboarded digitally, with Private and Priority Banking offering a market-leading product range to a growing affluent population.
All business units achieved an outstanding performance with record retail lending, a one-third market share of UAE credit card spend and Corporate originating AED 88 billion of gross new loans, two-thirds of which is to the private sector, as it leverages the Group's regional presence.
Emirates NBD Capital, the number one investment bank for UAE IPOs, generated record revenue as it priced over 100 sukuks and bonds for clients and led many of the nation's IPOs.
Emirates Islamic delivered a record profit of AED 2.8 billion with very strong Customer Financing growth of 31% in 2024, becoming an Islamic banking powerhouse in the UAE.
Shayne Nelson, Group Chief Executive Officer said:
'Emirates NBD's record income and profit is a direct benefit of successfully harnessing key growth areas, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking.
Our enhanced Digital Wealth platform propelled Assets Under Management beyond USD 44 billion, with digital wealth transactions up ninefold in 2024.
Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally and is recognised as the leading bank in the region for Sustainable solutions.
We are employing Generative AI to identify Trade opportunities, expand merchant acquiring prospects through data mining and screen transactions using machine-learning based alerts.
Emirates NBD's investment in digital and expanded network positions it perfectly to benefit from a buoyant regional economy.'
Emirates NBD has a leading retail banking franchise, with 848 branches and 4,601 ATMs / SDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena, and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury, and brokerage operations. The bank has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Bahrain, Russia and representative offices in China and Indonesia. For more information, please visit: www.emiratesnbd.com
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