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Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
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We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
Start your banking journey with the leading bank in the region.
Find a suitable account and applyDiscover the benefits of being our customer by browsing through our banking packages.
Learn more about banking packagesLearn all about how to use your account's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
All our cards offer you an exciting range of rewards and benefits.
Find a suitable card and applyGet the most out of your credit card by exploring its different benefits.
Learn all about how to use your card's features and benefits to the fullest.
Visit our dedicated support center for answers to all your banking-related questions.
Here's how to make the most out of your loan with us.
Visit our dedicated support center for answers to all your banking-related questions.
Our various FX products and services help you conduct your international transactions easily.
Our wide range of transfer options make it easier for you to send money locally and internationally.
Learn all about how you can seamless use our services to transfer money.
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Know more about our Wealth servicesLife is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Access to over 11,000 stocks and ETFs in Global and UAE markets
Visit our dedicated support center for answers to all your banking-related questions.
Everyday banking is a lot easier with our digital banking platforms and services.
Discover more about banking with usWe have over 200 branches and 900 ATMs and CDMs across the UAE and overseas.
Learn more about our services and get the most out of your banking relationship with us.
Visit our dedicated support center for answers to all your banking-related questions.
Start your Priority Banking journey and live your success
Introducing Signature, a programme of distinction reserved for the upper crust of Emirates NBD
Our wealth solutions help you manage your financial future better and achieve your financial goals.
Life is uncertain but you can be prepared to face adversity with our wide range of insurance plans.
Everyday banking is a lot easier with our digital banking platforms and services.
Learn more about our services and get the most out of your banking relationship with us.
We welcome you to a bespoke banking experience tailored to suit your private banking & wealth management needs, should you, your family, or your business have USD 5 Million (or currency equivalent) and above as Assets Under Management with us.
A record quarter for retail lending, deposit growth & customer transactions
Dubai, 21 April 2022
Emirates NBD delivered its highest quarterly profit since 2019. Profits jumped 18% to AED 2.7 billion as Q1-22 was a record quarter for retail lending, deposit growth and customer transactions. Credit quality across the Group's footprint continues to improve with impairment down 20%. These results build on the economic recovery momentum from 2021. With its strong profitability and balance sheet it is extremely well positioned for expected rising interest rates and will continue to invest in its international and digital capabilities to support further growth. Emirates NBD is proud to have played a leading role in the DEWA IPO, delivering customers a fully digital platform from on-boarding and subscription through to payment.
Key Highlights – First Quarter 2022
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
Shayne Nelson, Group Chief Executive Officer said:
Patrick Sullivan, Group Chief Financial Officer said:
Financial Review
Operating Performance
Total income for Q1-22 was up 3% y-o-y to AED 6.4 billion. Net interest income was up 4% y-o-y on improved loan and deposit mix with initial signs of higher rates feeding through to margins. Record CASA balances improved funding costs and the balance sheet is well positioned to benefit from rate rises. Non-funded income was up 2% y-o-y from increased local and international card transactions, coupled with growth in FX & Derivative income.
Expenses remain well controlled and within guidance. Higher income from anticipated rate rises enables refinement of Cost to Income ratio back to longer term target of 'within 33%'. Staff costs increased y-o-y driving an increase in underlying earnings and future growth. Other costs were lower due to seasonality from earlier campaigns.
Impairment allowances in Q1-22 were down substantially 20% y-o-y reflecting the improving operating environment, with 116 bps cost of risk within guidance.
The Group's net profit of AED 2.7 billion for the first quarter is 18% higher y-o-y and 36% higher q-o-q.
Balance Sheet Trends
Loan increased by 1% in Q1-22, with another strong quarter for EI and Retail financing which grew by 6% and 4% respectively with DenizBank's net loans up 11%.
Deposit mix improved in Q1-22 with AED 18 billion growth in CASA representing a record for CASA growth.
Liquidity remains strong with the Liquidity Coverage Ratio at 157.4% and the Advances to Deposits Ratio at 90.7%.
During the quarter, the Non-Performing Loan ratio increased by 0.02% to 6.4% whilst the Coverage ratio strengthened to 128.5%, demonstrating the Group's continued prudent approach towards credit risk management.
As at 31 March 2022, the Group's Common Equity Tier 1 ratio is 15.0%, Tier 1 ratio is 17.0% and Capital Adequacy ratio is 18.1%.
Business Performance
Outlook
While higher oil and food prices pose upside risks to inflation globally, higher oil prices will generate budget surpluses with the GCC economies. Emirates NBD Research revised 2022 GDP growth forecasts upwards for the GCC, factoring in expected higher oil and gas production.
Emirates NBD Research expects UAE real GDP to grow by 5.7% in 2022, up from 3.8% in 2021, helped by an increase in oil production. The Kingdom of Saudi Arabia’s economy is expected to grow 7.7% in 2022 from 3.2% in 2021 also boosted by higher oil production.
Egypt and Turkey are expected to face increased current account deficits in 2022 as food and energy import costs rise, inflationary pressures continue and earnings from tourism may be impacted by the conflict in Ukraine.
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