Emirates NBD’s profit for 2024 increased by 7% to $6.3 billion due to strong loan growth
Emirates NBD said on Wednesday that its net profit for 2024 increased by 7% compared to last year, reaching $6.3 billion (AED 23 billion). This growth was driven by higher earnings and the bank’s focus on digital banking and expanding its sources of income.
Full-Year Earnings
Emirates NBD, Dubai’s largest bank, saw its total income rise by 3% to $12 billion (AED 44.1 billion) in 2024. This growth was driven by a 10% increase in loans and a stable, low-cost funding mix.
The bank performed well across all business areas, issuing $43.6 billion (AED 160 billion) in new loans, which helped grow its total assets by 16%.
In 2024, Emirates NBD provided $23.9 billion (AED 88 billion) in new corporate loans, benefiting from improvements in its regional network. Retail lending also surged by 30%, thanks to strong growth in its Priority and Private banking services.
Operating expenses increased by 18% to $3.8 billion (AED 13.8 billion), while earnings per share rose by 7% to 356 fils.
The bank’s Islamic division, Emirates Islamic, achieved record profits of $762.3 million (AED 2.8 billion).
Strong Deposits and Expansion
The bank grew its deposits by $22.3 billion (AED 82 billion) in 2024, with current and savings accounts increasing by $13.1 billion (AED 48 billion).
Emirates NBD also expanded in Saudi Arabia, opening more branches and ATMs, which helped its loan book grow by 57%.
Key Highlights
- Retail banking and wealth management lending increased by 30%, thanks to new customers and successful marketing campaigns.
- 98% of new current accounts were opened digitally, with 40% through the mobile app.
- Credit card spending grew by 18%, and the bank maintained a one-third market share of UAE credit card transactions.
- Two-thirds of new corporate loans went to the private sector.
- The bank strengthened its digital presence, launching its first co-branded e-commerce credit card.
- Digital wealth transactions surged nine times in 2024.
- Emirates NBD Capital ranked No. 1 in UAE IPOs and priced over 100 sukuk and bond issues.
Total Assets Under Management
As of January 29, 2025, Emirates NBD managed assets worth $44 billion.
Published: 30th January 2025
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