Latest news with #ENBDX
Time of India
19 hours ago
- Business
- Time of India
No more free remittances for NBD customers starting September: What expats need to know
Emirates NBD's DirectRemit service allows customers to send quick, digital international money transfers to supported countries, previously free of charge but now subject to a fixed Dh26.25 fee/ Image:X Emirates NBD, one of the largest banking groups in the UAE, has officially announced that it will begin charging customers a fixed fee of Dh26.25 (₹598.50) ($7.15) (inclusive of VAT) for international money transfers made through its DirectRemit service. This change will take effect from Monday, September 1, 2025, and marks a significant shift in the bank's longstanding policy of offering free remittances to selected countries. The update was shared in an email sent to customers, in which the bank stated: 'Effective Monday, September 1, 2025, charge of Dh26.25 will be applicable for International Transfers (Including DirectRemit) remittance service initiated from ENBD X or Online Banking. The fee is inclusive of VAT.' What's Changing? Previously, Emirates NBD customers enjoyed instant and fee-free money transfers to banks in countries considered part of the bank's "popular remittance corridor." These included India, the Philippines, Egypt, Sri Lanka, and the United Kingdom, with a minimum transfer amount of Dh100. Starting in September, the Dh26.25 charge will apply uniformly across all international transfers initiated via: The ENBD X mobile app The bank's online banking platform This effectively ends the free transfer benefit previously associated with DirectRemit, the bank's digital remittance tool that allowed cross-border transactions to be completed in less than 60 seconds. Additionally, the bank has introduced a cancellation fee of up to Dh26.25 for recall or cancellation of any local or international transfers, bringing another layer of change to its remittance services. This applies whether the transaction is completed or pending. How Does It Compare to Other UAE Banks? International wire transfer fees across UAE banks generally range from Dh20 to Dh60, depending on the channel and destination. With this fee update, Emirates NBD is aligning DirectRemit with the industry standard applied to most other international transfers offered by UAE-based banks. No other changes have been announced to the exchange rate margins or processing times associated with DirectRemit. The core functionality of the service, quick, digital cross-border money transfers—remains unchanged aside from the new fee. Advice to Customers Customers are encouraged to: Review their recent transfer history to assess how the new fee structure will impact their remittance habits Compare rates and fees with other available remittance services in the market Stay informed through official bank channels for any future changes or updates This adjustment signals Emirates NBD's broader move to standardize its digital banking offerings, bringing them in line with conventional cross-border transfer practices within the UAE banking sector.
Zawya
22-04-2025
- Business
- Zawya
Emirates NBD's profit before tax rises 56% to AED 7.8 billion
Assets surpass AED 1 trillion milestone Emirates NBD's Profit before tax rose 56% to AED 7.8 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 AED 1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy. Deposits grew by 5%, driven by a record AED 27 billion increase in low-cost Current and Savings Account balances. Loans grew AED 18 billion in the first quarter of 2025, with over half of the increase sourced from the growing International network. Emirates Islamic's quarterly profitability crossed the AED 1 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 USD 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. 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 AED 1 trillion milestone Total income up 5% to AED 11.9 billion on strong loan growth and improving low-cost funding mix 3.5% loan growth in Q1-25, as lending grew AED 18 billion with over half of the increase from International network Deposits grew AED 31 billion in Q1-25, including a record AED 27 billion increase in Current and Savings Accounts , reinforcing deposit mix as a key strength of the Group Impairment credit of AED 0.5 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 exceeds AED 1 billion for the first time ever 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 Free local equity trading on award winning ENBD X and EI+ apps, supporting regional stock markets Emirates NBD one of region's top banks for Customer Experience with Net Promoter Score of 48 KSA network expansion driving an impressive 15% loan growth in Q1-25 Excellent AED 46 billion of new lending helped deliver 7% Retail loan growth and 6% Corporate loan growth in Q1-25 New Structured Credit, Commodity and Investment products introduced, driving a substantial increase in income from both local and international clients ALM Markets desk ranked the number one M-Bill primary dealer by the Central Bank of the UAE for 2024 Corporate CASA growth backed by best-in-class digital escrow capabilities, APIs and virtual accounts Emirates NBD Capital is the number one investment bank for UAE IPOs and MENA Loans, and maintained its Top 3 position for international sukuks 93% of new current accounts opened via mobile app (40%) or assisted Tablet (58%) Assets Under Management across the Group grew to USD 50 billion, reflecting ongoing success of the Bank's wealth management strategy Looking to the future, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse ENBD X launched in KSA, upgrading digital offering in the Kingdom Launched crypto trading through Liv X in partnership with Aquanow and Zodia Custody More than 750,000 users of WhatsApp banking Strategic partnership between Emirates NBD Pay and Visa's Cybersource platform to accelerate advanced digital payment solutions for clients Emirates NBD Pay collaborated with Mastercard to enhance Digital Payment Solutions, becoming first bank globally to offer Mastercard's Brighterion AI technology Further fintech collaborations with Partior (blockchain payments) and iPID (beneficiary validation) Big-data analytics performs deep data mining, expanding new merchant acquiring opportunities Over 50 active Advanced Analytics use cases, positioning Emirates NBD as a data-first bank Best ESG rating for any Bank in the region by S&P Global First bank in MENA to publish inaugural ISSB report Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said: 'Emirates NBD's Profit before tax grew substantially by 56% to AED 7.8 billion in the first quarter of 2025, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries. The balance sheet surpassed the AED 1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy. All business units achieved an outstanding performance as they delivered higher income year-on-year. Emirates Islamic quarterly profit exceeded AED 1 billion for the first time ever, with very strong Customer Financing growth of 7% in Q1-25, highlighting its position as an Islamic banking powerhouse in the UAE. The Group commands a 35% market share of UAE Credit card spend, and we processed more than AED 50 billion Credit and Debit card spend in the first quarter of 2025. The Group delivered a very impressive 3.5% loan growth in Q1-25 as lending grew AED 18 billion, with over half of the increase being sourced from the growing International network.' 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. We actively use big-data analytics for deep data mining, expanding new merchant acquiring opportunities and have over 50 active Advanced Analytics use cases, positioning Emirates NBD as a data-first bank.' Patrick Sullivan, Group Chief Financial Officer said: 'Profit increased by 56% over the preceding quarter to AED 6.2 billion in Q1-25 on higher income, lower costs and an impairment credit. The Group's low-cost Current and Savings Account deposit base grew by a record AED 27 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 AED 0.5 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. The investment in people, network, technology and products is clearly delivering new sources of income.' Outlook The non-oil economy in the UAE started 2025 on a strong footing with signs of robust activity in Q1-25. A healthy domestic economy backed by significant private and public sector investment, along with a growing population, will support growth this year. In the Kingdom of Saudi Arabia, activity has also been strong as the Government carries out an extensive investment programme. Oil production is due to increase in both the UAE and KSA this year, while revenue diversification is helping to provide some insulation to the economies from volatility in oil prices. In Egypt, inflation is continuing to come under control which should allow the private sector to expand while Türkiye's monetary policy is helping to curb inflation.
Zawya
29-01-2025
- Business
- Zawya
Emirates NBD's profit before tax increases by 15% to record AED 27.1bln in 2024
RELATED TOPICS EARNINGS RELATED COMPANIES Emirates Nbd Cap Al Emirates Islamic Bank Microsoft Innovation Fund 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:
