Dubai's biggest lender, Emirates NBD, reported a record first half profit of $3.4 billion for 2022, up 130% compared to the same period last year. Total revenue surged 50% to $5.8 billion, according to results announced on Thursday.
The bank attributed the strong performance to higher interest margins, a rise in non-funded income and lower provision costs due to recoveries. It cited a "strong deposit mix," better margins from rising interest rates and solid growth across all business segments and products.
The results show Emirates NBD's "resilience and strong fundamentals," said its chairman Sheikh Ahmed bin Saeed Al Maktoum. He added that the bank is "well-positioned to capture the opportunities that will arise from economic growth and diversification" in the UAE and wider region.
