Emirates NBD's profit before tax surges 56% surge to Dh7.8b
Emirates NBD, a leading banking group in the UAE, announced a remarkable 56 per cent increase in profit before tax, reaching Dh7.8 billion for the first quarter of 2025.
The bank's performance was driven by strong loan growth, an enhanced deposit mix, and innovative product offerings, propelling total income up by 11 per cent year-on-year to Dh11.9 billion. The bank's balance sheet crossed a historic milestone, with assets surpassing Dh1 trillion, fuelled by a buoyant regional economy, Dubai's largest lender said in a statement.
Loan growth was a key driver, with lending increasing by Dh18 billion in Q1 2025, over half of which came from the bank's expanding international network. Deposits rose by Dh31 billion, including a record Dh27 billion surge in low-cost current and savings accounts, reinforcing the bank's strong funding base. The impaired loan ratio improved to 3.1 per cent, supported by an impairment credit of Dh0.5 billion, reflecting robust client recoveries amid favorable economic conditions.
Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD, said: the profit growth was driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries. 'The balance sheet surpassed the Dh1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy.'
Shayne Nelson, group chief executive officer, said the 11 per cent year-on-year increase in income was propelled by excellent loan growth and the bank's ability to attract and retain low-cost deposits. 'The group's ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, Digital and GenAI, helping to offset the impact of lower interest rates. Innovative products have successfully harnessed key growth areas.'
Patrick Sullivan, group chief financial officer, said the group's low-cost current and savings account deposit base grew by a record Dh27 billion in the first quarter, helping absorb the impact of lower interest rates. 'The credit environment remains healthy, and clients continue to benefit from a buoyant economy, leading to a net impairment credit of Dh0.5 billion. Retained earnings helped support strong loan growth and the rock-solid balance sheet makes Emirates NBD a regional powerhouse, providing the platform for future growth.'
Emirates Islamic
Emirates Islamic, a subsidiary, achieved a milestone of its own, posting quarterly profits exceeding Dh1 billion for the first time, cementing its position as a top Islamic bank in the UAE. The bank's wealth management strategy also bore fruit, with assets under management reaching $50 billion, driven by the region's growing affluent population.
Emirates NBD commands a 35 per cent market share of UAE credit card spending, with over Dh50 billion in credit and debit card transactions in Q1 2025. New offerings, such as the Abu Dhabi-focused 'Darna' co-branded credit card with Aldar and free local equity trading on the ENBD X and EI+ apps, have bolstered its retail and investment appeal, the bank statement said.
The bank's net promoter score of 48 underscores its leadership in customer experience. Regionally, Emirates NBD's Saudi Arabia operations saw a 15 per cent loan growth, while new lending of Dh46 billion drove 7.0 per cent retail and 6.0 per cent corporate loan growth. The bank introduced structured credit, commodity, and investment products, boosting income from both local and international clients.
Emirates NBD Capital retained its top spot for UAE IPOs and MENA loans, while ranking among the top three for international sukuk.
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