Emirates NBD Posts Record Profits, Announces 100-Fils Dividend

Emirates NBD Reports Record AED 27.1 Billion Profit, Expands Wealth Management and Digital Banking

Emirates NBD’s wealth management services and geographic expansion led to the company’s pre-tax profit rising to AED 27.1 billion in 2024. Profit after tax rose 7% to AED 23 billion.

Strong growth in revenue
Supported by strategic investments in branch networks and digital banking, the bank’s revenue exceeded AED 44 billion in 2024, generating new revenue streams.

All business units performed exceptionally well, achieving a record level of new loans of AED 160 billion, contributing to a 16% growth in assets. Meanwhile, credit card spending in the UAE continued to hold a one-third market share.

Emirates NBD Capital, the bank’s investment arm, reported its highest ever revenue, driven by a record year for IPO transactions.

Emirates Islamic’s record performance
Emirates Islamic achieved a record profit of AED 2.8 billion, strengthening its position among the top Islamic banks in the UAE. Its loan portfolio in Saudi Arabia grew by 57% in 2024, supported by branch network expansion.

Growth in dividends and loans
The board of directors is suggesting a 100 fil cash dividend per share in light of its impressive performance.

In 2024, the bank reported a 10% rise in overall loans, with new corporate loans reaching AED 88 billion due to improvements in the regional network. The increase in premium and private banking services was reflected in a 30% growth in retail loans.

Strong deposit base
In 2024, deposits increased by AED 82 billion, with current and savings accounts seeing an increase of AED 48 billion.

Of newly opened current accounts, 58% used tablet-assisted services, 40% used a smartphone app, and 98% were opened digitally.
Two-thirds of corporate loans were allocated to the private sector.

Digital Wealth Management and Saudi Expansion
Digital wealth transaction volumes increased ninefold in 2024, with assets under management exceeding $44 billion, reflecting the success of the bank’s wealth strategy.

In Saudi Arabia, the bank expanded its network to 21 branches and 62 ATMs, increasing lending by 57%.

Opinions on Leadership
According to H.H. Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates NBD:

“With our increased regional presence and growth in wealth management and premium banking, we have achieved an unprecedented 27.1 billion dirhams in pre-tax profit.”

He said the bank’s expanded network of 21 branches and 62 ATMs was responsible for the 57% rise in lending in Saudi Arabia.

By 2025, Sheikh Ahmed anticipates that the infrastructure, transportation, hotel, and logistics industries will propel Dubai’s GDP growth by 5%.

Hesham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD, stressed:

“Our revenues exceeded AED 44 billion in 2024 due to strategic investments in digital banking and regional expansion, which opened up new revenue streams.”

He noted that 98% of new customers joined the bank digitally and that Emirates NBD Capital continued its dominance in UAE IPO transactions, pricing over 100 sukuk and bonds.

Group CEO Shayne Nelson added:

“Our success in wealth management, private banking and regional expansion drove exceptional revenue and profit growth.”

The bank’s digital wealth platform increased assets under management to over $44 billion, while digital wealth transactions increased ninefold. Being the world’s largest LEED-certified branch further demonstrates Emirates NBD’s commitment to sustainability.

Economic Outlook
A robust government and private investment, coupled with robust consumer activity, helped the UAE and Saudi Arabia’s non-oil sectors maintain strong growth in 2024. This momentum is expected to continue through 2025, driven by continued investment plans and increased oil production.

While efforts to reduce inflationary pressures in Turkey continue, efforts to contain inflation in Egypt are expected to lead to a shift towards monetary policy easing.