19 billion dirhams in profits from Emirates NBD in 9 months … a growth of 9%

The results published by Emirates NBD, the largest bank in Dubai by assets, showed that it recorded profits exceeding 19 billion dirhams for the first nine months of 2024, with a growth rate of 9 percent compared to the same period of the previous year.

And he said Emirates NBD Bank In reporting on Dubai Financial MarketThe total number of new loans granted to customers across the group’s network amounted to more than 100 billion dirhams.

Revenue rose 7 percent in the third quarter of 2024, driven by strong loan growth, improved margins and an increase in fee and commission income.

The bank said that the digital wealth management platform helped drive the growth of assets managed by the group to more than 40 billion Dollars, thanks to the expansion of digital product offerings for wealth management to including bonds, fractional instruments, stocks and mutual funds. investment.

And he achieved Islamic Emirates The strongest financial results ever, recording profits of 2.5 billion dirhams. The expansion of the branch network in Saudi Arabia has allowed the great growth of the loan portfolio in the Kingdom to be extremely high, reaching 49 percent in 2024.

Key financial results for the first nine months of 2024:

• 9 percent increase in profits on the back of significant growth in loans and funding base from lower cost
• Total income increased to AED 32.9 billion due to strong loan growth combined with an excellent, stable and low-cost funding mix.
• Strong loan growth, with loan volume rising 9 percent in the first nine months of 2024, achieving strong growth across all business units and international locations.
• The investment mix is ​​a strong base, achieving a remarkable growth of 60 billion dirhams in the first nine months of 2024, with an increase of 33 billion dirhams in current and savings accounts.

Third quarter profits stabilize

The bank’s data showed a stable net profit in the third quarter, as an increase in net interest income was offset by an increase in impairment provisions and investments to drive future growth.

Data from the London Stock Exchange showed that net profit in the period from July to September was 5.2 billion dirhams ($1.42 billion), unchanged from the corresponding period in 2023, which is below the average estimate of analysts. on profits of six billion. dirhams.