Dubai's Emirates NBD sees higher income, but profit drops in H1-2025
Emirates NBD confirms solid loan growth, but expenses have shot up
Dubai: Profits at Dubai's biggest banking entity, Emirates NBD, have dropped 9% for the first six months of 2025. The final tally is Dh12.5 billion.
This is despite the bank recording higher income during the period, with an impressive 12% gain year-on-year to Dh23.9 billion.
This was through 'strong loan growth, regional expansion and innovative product offering'.
But when it comes to expenses, Emirates NBD has seen a 19% increase over the period, adding up to Dh7.3 billion.
Lending was higher by Dh41 billion (up 8%) in the first-half of 2025, including those from across the bank's 'growing international network'. Deposits grew Dh70 billion (by 10%) from a 'record' Dh48 billion increase in low-cost current- and savings account (CASA) balances.
"We have worked hard to nurture the UAE’s leading deposit franchise in low-cost CASA, which accounted for Dh48 billion of the Dh70 billion growth in deposits in the first-half of 2025," said Shayne Nelson, Group CEO of Emirates NBD.
On DFM, the bank's share is at Dh26.5, with a near 25% gain this year.
"Operating profit grew 9% as the strong loan and deposit growth momentum easily absorbed earlier interest rate cuts," said the bank.
The bank has marked Dh2.9 billion as tax expenses for the first six months - “Profit before tax was Dh15.4 billion despite nearly Dh2 billion lower recoveries in the first-half of 2025 relative to the very strong recoveries last year," said Patrick Sullivan, Group Chief Financial Officer at Emirates NBD. "Profit for the half-year of Dh12.5 billion (was) despite the impact of the new higher tax rate."
Emirates Islamic's contribution
In the first-half of 2025, Emirates NBD bought out its Sharia banking subsidiary, Emirates Islamic. It paid Dh11.95 a share for all outstanding stock that wasn’t already held by Emirates NBD.
Emirates Islamic contributed a 'record Dh1.9 billion profit' in the first-half of 2025.
Another big contributor to the top-line numbers for Emirates NBD is its wealth management operations.
"The region’s growing affluent population propelled assets under management to $50 billion, confirming Emirates NBD’s successful focus on wealth management and new products," said a statement. "Strategic investment in the Group’s regional footprint, digital and GenAI are driving income growth which more than offsets the impact of lower interest rates."
