Emirates NBD has posted a robust start to 2025, with a 56% quarter-on-quarter increase in profit before tax, reaching Dh7.8 billion in the first three months of the year. The bank attributed the surge to strong fundamentals, including “lending momentum, improvement in deposit mix and new products.”
Net profit also climbed 56% from the previous quarter to Dh6.2 billion. However, the figure represents a slight decline compared to the Dh6.7 billion reported in Q1 2024.
A key milestone was also achieved in the quarter, with Emirates NBD’s balance sheet crossing the Dh1 trillion mark, supported largely by impressive loan and deposit growth. Deposits rose by 5%, driven by a “record” Dh27 billion increase in current and savings account balances.
“All business units achieved an outstanding performance as they delivered higher income year-on-year,” said Hesham Abdulla Al Qassim, Vice-Chairman and Managing Director of Emirates NBD.
Loans grew by Dh18 billion, with more than half of that increase coming from the bank’s expanding international network. Emirates NBD’s presence outside the UAE continues to play a growing role in its overall strategy.
“In Egypt, inflation is continuing to come under control which should allow the private sector to expand while Turkey’s monetary policy is helping to curb inflation,” the bank said in a statement, referring to its operations in key overseas markets.
Looking closer to home, the bank noted positive regional trends. “Oil production is due to increase in both [UAE and Saudi Arabia] this year, while revenue diversification is helping to provide some insulation to the economies from volatility in oil price.”
Despite recent interest rate cuts by the US Federal Reserve, which have been mirrored in the UAE, Emirates NBD continues to grow. “The Group’s ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, digital and GenAI, helping to offset the impact of lower interest rates,” said Group CEO Shayne Nelson.
The bank is also focusing on high-margin offerings, including a collaboration with BlackRock aimed at giving high-net-worth clients greater access to private market investments. Emirates NBD currently holds a 35% market share of local credit card spending, with credit and debit card transactions totaling over Dh50 billion in Q1 2025.
Total income for the quarter reached Dh11.9 billion, compared to Dh10.7 billion in the same period last year.
