Dubai's Emirates NBD first-half 2022 net profit at Dh5.3b, impairment charges down 28%

Dubai: The Dubai bank Emirates NBD’s Q2-2022 net profit hit Dh3.5 billion – and its highest quarterly showing since 2019. The latest numbers are derived from a 42 per cent increase year-on-year.

For the first six months, Emirates NBD's net totalled a robust Dh5.3 billion (up 11 per cent), while gross income came to Dh14.2 billion. Impairment charges are down an impressive 28 per cent – “We are extremely well positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth,” a statement said.

It was also another ‘record’ half-year for retail lending and customer transactions, while improving margins helped push income up 23 per cent y-o-y.

Overseas operations represented 41 per cent of total income in H1-2022, including those from DenizBank in Turkey.

Progress on three scores

Through the period, Emirates NBD’s total assets were up 3 per cent at Dh711 billion, while customer loans inched 1 per cent higher to Dh425 billion with a ‘record half-year for retail financing and renewed demand for corporate lending’.

When it comes to the deposit mix, CASA (current account savings account) grew Dh10 billion in H1-22 reflecting ‘strong UAE liquidity, enabling the Group to benefit from further interest rates rises’. "We were delighted that Moody’s upgraded Emirates NBD’s short and long-term ratings, recognising the Group’s resilient post-pandemic financial fundamentals and increased diversification," said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director, in a statement. "Emirates NBD played a leading role in both the DEWA and Tecom IPOs, delivering customers a fully digital, straight through platform from on-boarding to payment."