Dubai-based Emirates NBD said Thursday its profit for the first nine months of 2023 soared to $4.8 billion (AED 17.5 billion), a 92% jump over the same period a year earlier, boosted by growth in loans and higher transaction volumes, among other factors.
Emirates NBD’s loans jumped 8% in the first nine months, thanks to the continued momentum in its retail lending and landmark deals closed in its corporate banking, according to the bank’s latest financial results.
Aside from loans, the bank said the higher profit was driven by a stable, low-cost funding base and substantial recoveries.
Emirates NBD’s total income, comprising net interest income and non-funded income, rose 44% to $8.9 billion (AED 32.7 billion) during the January-September period, owing to better growth in deposit mix, loans, and fees and commission across all its segments.
In the third quarter of 2023, Emirates NBD said its profit was up 38% to $1.4 billion (AED 5.2 billion), thanks to all business units delivering higher income.
“The buoyant economy, coupled with our focus on service excellence through new product and service delivery, is propelling growth,” said Hesham Abdulla Al Qassim, vice chairman and managing director at ENBD, in a statement.
This year, Emirates NBD introduced its Sustainable Finance Framework and issued what it claims is the largest-ever green bond from a regional bank, raising $750 million. The initiative aims to support customers in aligning with the UAE Vision 2030.
Emirates NBD also launched an accelerator program with Green FinTechs to provide sustainability-focused finance solutions.
In terms of carbon trading, the bank said it was the first UAE bank to offer carbon emission offsetting solution to its customers.
$227.6 billion (AED 836 billion). That’s the total assets of Emirates NBD at the end of September, a 16% increase year-on-year.
Forbes ranking Emirates NBD ranks fourth in the Banking & Financial Services category of Forbes Middle East’s Sustainable 100 list unveiled this month.
It also ranks seventh on Forbes Middle East’s ranking of the region’s Top 50 Most Valuable Banks 2023, with a market capitalization of $27.6 billion (AED 101.4 billion) as of October 26, 2023.
