The Arab Today | News Website

Emirates NBD’s profit for 2024 increased by 7% to $6.3 billion due to strong loan growth

BY THE ARAB TODAY Jan 30, 2025

Emirates NBD’s profit for 2024 increased by 7% to $6.3 billion due to strong loan growth

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

For more article like this please follow our social media Twitter, Linkedin & Instagram

Also Read:

Georges Hobeika SS25 Couture Collection Pays Tribute to Mother
stc shares rise 3% after $8.7B government contract win
The 10 Best Healthcare Leaders in the UAE


Abu Dhabi, Investment, Real Estate
Abu Dhabi-listed Investcorp Capital spends over $300M to buy student housing in the US

Abu Dhabi-listed Investcorp Capital spends over $300M to buy student housing in the US Investcorp Capital, a company based in Abu Dhabi,…

Economy, Finance, Lebanon
Lebanon’s government will discuss a new plan with the IMF to fix its financial crisis and debt

Lebanon's government will discuss a new plan with the IMF to fix its financial crisis and debt Lebanon's government will talk with…

Beauty, Lifestyle, Skincare
Low Iron? Try Combining It With This Vitamin

Low Iron? Try Combining It With This Vitamin Iron deficiency is a widespread nutritional concern that affects millions of people globally, leading…

Economy, UAE, Ukraine
UAE and Ukraine sign trade deal to work together and grow business opportunities

UAE and Ukraine sign trade deal to work together and grow business opportunities On Monday, the UAE signed a trade agreement with…

Economy, Oil, Saudi Arabia
Saudi Arabia’s annual inflation increased to 2% in January, mainly due to a rise in housing and rental prices

Saudi Arabia's annual inflation increased to 2% in January, mainly due to a rise in housing and rental prices Saudi Arabia's annual…