Emirates NBD’s Profit Before Tax Soars 15% to AED 27.1 Billion in 2024, Proposes 100 Fils Dividend

Photo : Dubai Government Media Office

Emirates NBD, one of the largest banks in the UAE, has reported a record profit before tax of AED 27.1 billion for 2024. The bank had strengthened its position in the region and boosted its Wealth Management services. Total income for the year reached AED 44 billion, with new revenue generated through digital banking and a wider branch network.

It also issued new loans worth AED 160 billion, which helped enhance its assets by 16%. Emirates NBD continues having a one-third market share in UAE credit cards, which makes it a leader among providers in the financial sector. Its arm, Emirates NBD Capital, was able to claim its top position as an investment bank of the UAE in terms of IPO. The revenue reached the highest it did in years with many transactions happening in the year.

Emirates Islamic, the group's Islamic banking arm, posted a fantastic AED 2.8 billion profit for 2024. The expansion of the loan book in Saudi Arabia also proved to be crucial, with the book growing 57%.

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The Board of Directors has recommended a dividend of 100 fils, which is to be paid considering the bank's good performance.

Key Highlights for 2024:
Profit before tax grew by 15%, mainly due to significant loan growth, strong transaction volumes, and recoveries. Profit after tax stood at AED 23 billion, an increase of 7%.
Total income rose to AED 44.1 billion, driven by strong loan growth and a low-cost funding base.
Loan growth at 10% in 2024, with AED 88 billion in new corporate loans and a 30% increase in retail lending due to the growth of the priority and private banking business.
Deposits grew by AED 82 billion, including a growth of AED 48 billion in current and savings accounts
A record low impairment charge at AED 0.1 billion with zero cost of risk as recoveries have been strong.
Customer financing at Emirates Islamic stood at 31%, registering an all-time high profit of AED 2.8 billion.
Emirates NBD's Digital and Customer Focus:
Retail Banking & Wealth Management lends grew at an increased rate of 30% with a registered high of new customer acquisition.
98% of new current accounts were opened through mobile or tablet applications.
Emirates NBD maintained the lead in UAE credit card spending registering one-third of the market share with a growth of 18% in card spends.
The bank introduced a co-branded e-commerce credit card and launched digital wealth solutions, with transaction volumes increasing ninefold.
The bank also expanded its operations in Saudi Arabia, opening 21 branches and 62 ATMs, contributing to the 57% loan growth in the Kingdom.
Future Transformation:
Emirates NBD is committed to being a leader in data and digital banking while continuing to be a champion of sustainability. The bank has introduced advanced analytics and generative AI to improve customer services, including trade opportunities and fraud detection.

The bank also holds itself responsible for environmental sustainability with the most LEED Platinum certified branches around the world and the efforts of offering sustainable investment options. Its green finance solutions, such as deposits and loans with eco-friendly approaches, have given it a position at the top of ESG standards.
Executive Comments:
His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates NBD, commended the excellent growth in Saudi Arabia, diversified international expansion, and 5% GDP growth in Dubai through 2025. The proposed dividend will be 100 fils, he added.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said digital banking had reached success, both retail and corporate loan growth had been impressive, and investment banking had leadership within Emirates NBD.

Shayne Nelson, Group CEO, spoke about the strategic focus of the bank on digital services, wealth management, and sustainability, including the introduction of AI and machine learning to improve services for customers.

Looking Ahead:
The economies of the UAE, Saudi Arabia, and Egypt are expected to maintain strong growth in 2025, with continued public and private investment, and a stable inflation outlook. The growth of Emirates NBD’s regional presence and digital focus positions it well to benefit from this momentum in the years ahead.