Emirates NBD, a leading bank in the region, announced that its profits rose 40% to AED 13 billion in 2022, driven by strong regional economic growth and the success of its diversified business model. The bank’s Q4 profit was particularly strong, at AED 3.9 billion, up 94% year-on-year, reflecting improving margins and a lower cost of risk.
H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD, said, that Emirates NBD played a lead role in delivering over AED 31 billion of IPOs in 2022, which contributed to the growth of the Dubai economy and the development of the equity capital markets.
The bank also proposed a 20% increase in the cash dividend to 60 fils per share. Additionally, the bank reported growth in new corporate lending and deposit mix, as well as healthy credit quality and an expansion of its international footprint and digital capabilities.
“We have opened new branches in Saudi Arabia, Egypt and India, accelerating investment in our international footprint and digital capabilities to support further growth,” he added.
For his part, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said, “Emirates NBD delivered record income and operating profit in 2022 as total income grew 36 percent to AED 32.5 billion on increased transaction volumes and improved margins from an efficient funding base and higher interest rates. International operations provide diversification and growth opportunities, contributing 39 percent of total income. New lending increased substantially with record growth in retail financing and AED 50 billion of new corporate lending, helped by a buoyant regional economy and our digital transformation. Additionally, earlier this month we became the first bank to issue a public Dirham-bond following the UAE Federal Government’s establishment of a dirham yield curve, which further reinforces our national identity.”