Latest news with #AED7.8
Hi Dubai
22-04-2025
- Business
- Hi Dubai
Emirates NBD Posts Record AED7.8 Billion Pre-Tax Profit in Q1 2025
Emirates NBD reported a 56% year-on-year surge in profit before tax, reaching AED7.8 billion in the first quarter of 2025. The bank credited strong lending momentum, an improved deposit mix, and the introduction of new products for driving an 11% rise in total income. Quarter-on-quarter, profit also climbed 56% to AED6.2 billion, supported by higher income, lower operating costs, and an impairment credit, highlighting the bank's strong operational efficiency and financial resilience. The lender's balance sheet crossed the AED1 trillion mark for the first time, underpinned by robust loan and deposit growth amid a buoyant regional economy. Loans rose by AED18 billion during the quarter, with over half of this growth stemming from Emirates NBD's expanding international network. Customer deposits increased by 5%, bolstered by a record AED27 billion rise in low-cost Current and Savings Account (CASA) balances, further enhancing the bank's liquidity and funding profile. With a solid start to the year and sustained economic momentum in the region, Emirates NBD continues to strengthen its position as a leading financial institution in the Middle East. News Source: Emirates News Agency
Trade Arabia
22-04-2025
- Business
- Trade Arabia
Emirates NBD assets top AED1 trillion milestone
Emirates NBD's profit before tax rose 56% to AED7.8 billion ($2.12 billion) as strong lending momentum, an improvement in deposit mix and new products drove an 11% year-on-year increase in income. The balance sheet surpassed the AED1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy. Deposits grew by 5%, driven by a record AED27 billion increase in low-cost Current and Savings Account balances. Loans grew AED18 billion in the first quarter of 2025, with over half of the increase sourced from the growing international network, the bank said. Emirates Islamic's quarterly profitability crossed the AED1 billion mark for the first time ever, highlighting its position as a leading Islamic bank in the UAE. The region's growing affluent population propelled Assets Under Management to $50 billion, affirming Emirates NBD's successful focus on Wealth Management and new products. Strategic investment in the group's regional footprint, digital and GenAI, are generating income, helping to offset the impact of lower interest rates, it said. Key Highlights – Q1 2025 * Profit before tax 56% higher q-o-q on significant loan growth from regional expansion, a low-cost funding base and strong transaction volumes • Assets surpass AED1 trillion milestone • Total income up 5% to AED11.9 billion on strong loan growth and improving low-cost funding mix • 3.5% loan growth in Q1-25, as lending grew AED18 billion with over half of the increase from international network • Deposits grew AED31 billion in Q1-25, including a record AED27 billion increase in Current and Savings Accounts, reinforcing deposit mix as a key strength of the group • Impairment credit of AED0.5 billion on impressive recoveries as clients benefit from a buoyant regional economy with impaired loan ratio improving to 3.1% • Emirates Islamic's quarterly profit exceeded AED1 billion for the first time * Emirates NBD's investment in customer focused services & products is propelling business growth • 35% market share of UAE Credit card spend; over AED 50 billion Credit and Debit card spend in Q1-25 • Launched bank's first Abu Dhabi retail and lifestyle 'Darna' cobranded credit card in partnership with Aldar • Excellent AED46 billion of new lending helped deliver 7% Retail loan growth and 6% Corporate loan growth in Q1-25 * Looking to the future, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse • Launched crypto trading through Liv X in partnership with Aquanow and Zodia Custody Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said: 'Emirates NBD's profit before tax grew substantially by 56% to AED7.8 billion in the first quarter of 2025, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries." He said all business units achieved an outstanding performance as they delivered higher income year-on-year. "The group commands a 35% market share of UAE Credit card spend, and we processed more than AED50 billion Credit and Debit card spend in the first quarter of 2025," he said. Shayne Nelson, Group Chief Executive Officer, said: 'Emirates NBD delivered an 11% year-on-year increase in income, propelled by excellent loan growth and our 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, including Private Banking, Wealth Management, Escrow, regional Corporate growth and Investment Banking. "We continue to develop strategic partnerships to accelerate advanced digital payment solutions for clients and have expanded our collaboration with 3 exciting FinTech companies ranging from blockchain based payments to international beneficiary validation.
Arabian Business
22-04-2025
- Business
- Arabian Business
Emirates NBD's balance sheet crosses AED1 trillion after strong Q1 numbers
Emirates NBD 's balance sheet surpassed the AED1 trillion (US$272.3 billion) milestone in the first quarter of 2025, as the bank posted strong results, including a 56 per cent rise in profit before tax to AED7.8 billion (US$2.12 billion) and an 11 per cent year-on-year increase in income. The performance followed another quarter with strong lending momentum, an improvement in deposit mix, and new products. Impressive loan and deposit growth in a buoyant regional economy boosted the balance sheet. Deposits grew by 5 per cent (AED31 billion), driven by a record AED27 billion (US$7.35 billion) increase in low-cost current and savings account balances. Loans grew AED18 billion (US$4.9 billion) during the quarter, with over half of the increase sourced from the bank's growing international network. Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, commented: 'Emirates NBD's profit before tax grew substantially by 56 per cent to AED7.8 billion in the first quarter of 2025, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries. 'All business units achieved outstanding performance as they delivered higher income year-on-year. The Group delivered a very impressive 3.5 per cent loan growth in Q1 as lending grew AED18 billion, with over half of the increase being sourced from our growing international network.' Earlier this year, Emirates NBD acquired the remaining 0.11 per cent stake in Emirates Islamic Bank (EIB) to take full ownership and delisted it. In the first quarter, Emirates Islamic's quarterly profitability crossed the AED1 billion mark for the first time ever. Shayne Nelson, Group Chief Executive Officer, added: 'Emirates NBD delivered an 11 per cent year-on-year increase in income, propelled by excellent loan growth and our 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, including private banking, wealth management, escrow, regional corporate growth and investment banking. 'We continue to develop strategic partnerships to accelerate advanced digital payment solutions for clients and have expanded our collaboration with three exciting FinTech companies ranging from blockchain-based payments to international beneficiary validation.' Emirates NBD reported impairment credit of AED0.5 billion on impressive recoveries as clients benefit from a buoyant regional economy. Impaired loan ratio improved to 3.1 per cent. The bank now enjoys a 35 per cent market share of UAE credit card spend, with over AED50 billion credit and debit card spend during the quarter. Patrick Sullivan, Group Chief Financial Officer said: 'The group's low-cost Current and Savings Account deposit base grew by a record AED27 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 AED0.5 billion.'
