Stock - Emirates NBD \ ENBD
The final three months of 2022 packed quite the wallp as Emirates NBD booked profits of Dh3.9 billion. That's up 94 per cent year-on-year. Image Credit: Bloomberg

Dubai: The biggest bank in Dubai, Emirates NBD profits for 2022 shot up 40 per cent to Dh13 billion, which reflects the 'resilience' of the 'diversified business model'. The profit tally for the October to end December phase delivered a robust Dh3.9 billion, which is 94 per cent higher year-on-year, brought about by improved margins and lower cost of risk.

Emirates NBD confirmed a 20 per cent increase in its cash dividend proposal, to 60 fils per share. The bank's total income gained 36 per cent to Dh32.5 billion, helped in part by improved margins from higher interest rates and an 'efficient funding base'. 

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"2022 was a record year for retail lending and customer transactions, with all business units delivering an outstanding performance, driving income 36 per cent higher," the bank said in a statement. New lending to corporates grew a staggering Dh50 billion 'reflecting continued business optimism'. There was a Dh20 billion boost to CASA (Current and Savings Account) growth through an improving deposit mix.

"Credit quality remains healthy reflecting the region’s strong economy with impairment charge down 12 per cent," the bank added. (Last year, new branches opened in Saudi Arabia, Egypt and India, 'accelerating investment in our international footprint and digital capabilities to support further growth'.)

In early trading on DFM, the stock is up 1.15 per cent to Dh13.1. (The 52-week high is Dh15.5, while the low is Dh11.85.)


Emirates NBD's new corporate loan growth, 'coupled with record financing for retail'. This helped offset 'strong' sovereign repayments

As a leading bank in the region, we are proud to support the ‘D33’ Dubai Economic Agenda which aims to double the size of the Emirate’s economy in 10 years and make Dubai one of the top three international destinations for tourism and business

- Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates NBD


Share of revenues from Emirates NBD's international operations

Assets and IPOs

Total assets inched higher by 8 per cent to Dh742 billion by end 2022, while the bank also gained much from an active role in the series of IPOs Dubai recorded during the period. There was a 'lead role in delivery of over Dh31 billion IPOs supporting growth in Dubai economy, with end-to-end IPO subscription website offering real-time on-boarding through state-of-the-art fully digital platform'.

As UAE consumer spending patterns remained healthy, Emirates NBD and Emirates Islamic firmed up their combined market share to 30 per cent of UAE's debit and credit card spend, processing over 1 million transactions per day.

"New lending increased substantially with record growth in retail financing and Dh50 billion of new corporate lending, helped by a buoyant regional economy and our digital transformation," said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director.

Earlier this month we became the first bank to issue a public Dirham-bond following the UAE Federal Government’s establishment of a dirham yield curve, reinforcing our national identity.

- Hesham Abdulla Al Qassim

The bank's pre-impairment operating profit for 2022 was Dh23.3 billion, against Dh15.8 billion in 2021. "Impairment allowances in 2022 were substantially down 12 per cent y-o-y reflecting higher recoveries and write-backs and the improving operating environment, with 108 bps cost of risk within guidance," the bank said in the statement. 

  1. Of Emirates NBD Group interests, DenizBank's income was up 50% by Dh3.5 billion, while impairment allowances were Dh1 billion lower on write-backs and recoveries. It helped offset a Dh3.1 billion hyperinflation adjustment.
  2. Emirates Islamic’s net profit jumped to a record Dh1.24 billion on higher funded and non-funded income with a significant reduction in the cost of risk, reflecting economic recovery.