Emirates NBD has achieved a remarkable milestone in 2024, with its profit before tax reaching a record AED 27.1 billion, marking a 15% increase from the previous year. This significant growth is attributed to the bank’s strategic expansion of its regional presence and enhancement of its wealth management franchise. The bank’s income surged to over AED 44 billion, driven by investments in digital banking and branch networks, which generated substantial new revenue streams.
All business units performed exceptionally well, with AED 160 billion in new loans provided to customers, leading to a 16% increase in assets. Emirates NBD maintained a one-third market share of UAE credit cards and originated AED 88 billion in gross new corporate loans, with two-thirds going to the private sector. Emirates NBD Capital, a leading investment bank for UAE IPOs, achieved its highest revenue ever, pricing over 100 sukuks and bonds and leading numerous national IPOs.
Emirates Islamic also delivered a record profit of AED 2.8 billion, driven by a 31% growth in customer financing, solidifying its position as an Islamic banking powerhouse in the UAE. The bank’s expansion in Saudi Arabia resulted in a 57% increase in its loan book, supported by a network of 21 branches and 62 ATMs. Emirates NBD’s retail banking and wealth management lending grew by 30%, complemented by successful deposit campaigns.
The bank’s digital transformation is evident, with almost 98% of customers onboarded digitally. Private and Priority Banking offer market-leading products to a growing affluent population. Emirates NBD’s enhanced Digital Wealth platform has propelled assets under management beyond USD 44 billion, with digital wealth transactions increasing ninefold in 2024. The bank is recognized for its sustainable solutions and employs Generative AI to identify trade opportunities and enhance its services.
Emirates NBD’s performance aligns with Dubai’s economic growth projections, which are expected to increase by 5% in 2025, driven by key sectors like infrastructure and logistics. The bank is well-positioned to drive regional growth and has proposed a 100 fils dividend per share following its excellent performance.
Emirates NBD’s success story reflects its strategic focus on innovation, financial inclusion, and sustainable growth, making it a critical enabler in Dubai’s economic vision. The bank continues to leverage its unique proposition to expand across the MENAT region and beyond, solidifying its position as a leading financial institution.
Emirates NBD’s achievements in 2024 underscore its commitment to supporting the UAE’s economic agenda and its role as a key player in regional financial markets. With its robust digital platform and expanded network, the bank is poised to capitalize on emerging opportunities in the buoyant regional economy.
The bank’s leadership in wealth management, particularly through Emirates NBD Private Banking, has been recognized with several awards, highlighting its expertise in digital solutions and services for ultra-high net-worth clients. This recognition further emphasizes the bank’s strategic growth in wealth management across the Middle East.
In summary, Emirates NBD’s impressive financial performance in 2024 is a testament to its strategic investments and regional expansion efforts. As Dubai continues to grow economically, Emirates NBD remains a pivotal force in driving financial innovation and sustainability in the region.
