Emirates NBD achieves 19 billion dirhams in profits within 9 months

Emirates NBD Bank announced that it received profits exceeding 19.0 billion dirhams for the first nine months of 2024.

The bank said in a statement yesterday that the total new loans granted to customers through the group’s network exceeded 100 billion dirhams, while income increased by 7% in the third quarter of 2024, driven by strong loan growth, improved margins, and an increase in fee and commission income.

The bank confirmed that its digital wealth management platform helped drive the growth of assets managed by the group, reaching more than $40 billion US dollars, thanks to the expansion of digital wealth management product offerings to include bonds, fractional instruments, stocks and mutual funds.

According to the financial results for the first nine months of 2024, the bank recorded a 9% increase in profits due to a significant growth in loans and the low-cost funding base also increased to 32.9 billion dirhams.

The bank showed a strong growth in loans, as the number of loans increased by 9% in the first nine months of 2024, while the investment mix was a solid base, as it achieved a growth of 60 billion dirhams, with an increase of 33 billion. dirhams in current and savings accounts.

The bank pointed out that the branch network in Saudi Arabia has expanded to include 19 branches and 59 dedicated ATMs, which has led to a significant growth in loans by 49% in the first nine months of 2024 .

The Vice Chairman and Managing Director of Emirates NBD Group, Hisham Abdullah Al Qassim, said: “Emirates NBD Bank’s profits rose to 19.0 billion dirhams in the first nine months of 2024,” reflecting “its strategic position the group enjoys the opportunity to… “Benefit from the growth seen in the area and the confidence of customers.”

He added: “The group’s strong balance sheet also supported a 9% increase in loan volume to exceed 100 billion dirhams in new loans granted across the sector in 2024.”

Al-Qassim continued: “We are pleased with the expansion of our branch network in Saudi Arabia, as 19 branches and 59 dedicated ATMs contributed to a very impressive growth in loans, with 49% in the first nine months of 2024. “

For his part, Group CEO Shane Nelson said: “Revenue was up 7% in the third quarter of 2024, driven by strong loan growth, improved margins and an increase in revenue fees and commissions for the introduction of mutual funds, as well as bonds, fractional instruments, and global and local stocks, which led to the growth of the amount of funds managed by the organization, to exceed $ 40 billion. “

In the same context, the group’s chief financial officer, Patrick Sullivan, said: “Fee and commission income continues to achieve strong growth, benefiting from investment in digital technology, increasing production and processing of direct transactions.”

He said: “The credit rating agencies (Moody’s) and (Fitch) appreciated the group’s exceptional performance and balance sheet strength, which gave Emirates NBD and Denizbank a positive rating.

Emirates Islamic profits hit record high with 25% growth

Emirates Islamic Bank achieved record profits of 2.5 billion dirhams in the first nine months of 2024, as its profits increased significantly by 52%, compared to the same period of the previous year.

The bank attributed this outstanding performance to the remarkable growth in funded and non-funded income, and the increase in funding provided to customers by 24%. In the third quarter of 2024, Emirates Islamic profits increased significantly by 92%, reaching 835 million dirhams, with revenue growing 16%, reaching 1.4 billion dirhams.

The financial results for the first nine months of 2024 showed a 16% increase in total revenue, compared to the same period of the previous year, and a 10% decrease in expenses, compared to the same period of the year before, and operating profits showed a growth of 31%.

In turn, total assets increased to 107 billion dirhams, and customer financing activity increased by 24% from 2023, to 67 billion dirhams, and customer deposits also increased by 21% to 74 billion dirhams, while the current account balance and savings representing 72% of total investments.

Emirates Islamic Chairman of the Board Hisham Abdullah Al Qassim said: “Our strong results reflect our continued focus on providing innovative financial solutions to our customers, with our continued commitment to providing a world-class experience to customers by adopting the latest. developments in technology and automation.”

For his part, the CEO of Emirates Islamic, Farid Al Mulla, said: “With our proven track record of pioneering innovation in banking technology, we are always at the forefront of visible and important developments in the Islamic banking sector in the UAE, to support the needs and requirements of individuals, entrepreneurs, and companies.” and small and medium enterprises in the area.