Emirates NBD, a prominent banking institution in the UAE, reported an impressive 56% increase in pre-tax profit, reaching Dh7.8 billion for the first quarter of 2025.
The bank’s strong performance was attributed to robust loan growth, an improved deposit mix, and innovative product offerings, which collectively boosted total income by 11% year-on-year to Dh11.9 billion. The bank’s balance sheet achieved a significant milestone, with total assets exceeding Dh1 trillion, driven by a thriving regional economy, as stated by the largest lender in Dubai.
A major factor contributing to loan growth was the Dh18 billion increase in lending during Q1 2025, with more than half originating from the bank’s expanding international presence. Deposits saw an increase of Dh31 billion, highlighted by an unprecedented Dh27 billion rise in low-cost current and savings accounts, further strengthening the bank’s funding capabilities. The impaired loan ratio improved to 3.1%, aided by an impairment credit of Dh0.5 billion, reflecting strong client recoveries in a favorable economic landscape.
Hesham Abdulla Al Qassim, vice chairman and managing director of Emirates NBD, noted that profit growth was fueled by significant regional expansion, a rise in digital engagement, an effective funding base, and sustained loan recoveries. “The balance sheet exceeding Dh1 trillion was lifted by remarkable growth in loans and deposits due to a thriving regional economy,” he said.
Shayne Nelson, group chief executive officer, emphasized that the 11% year-on-year rise in income was driven by exceptional loan growth along with the bank’s capacity to attract and retain low-cost deposits. “Our substantial income growth is a direct outcome of our strategic investments in digital initiatives, including GenAI, which have helped mitigate the effects of lower interest rates while innovative products tapped into prime growth opportunities,” he stated.
Patrick Sullivan, group chief financial officer, remarked that the deposit base for low-cost current and savings accounts grew by a record Dh27 billion in the first quarter, aiding in countering the impact of reduced interest rates. “The credit environment remains robust, and clients continue to benefit from a vibrant economy, resulting in a net impairment credit of Dh0.5 billion. Strong retained earnings have bolstered loan growth, while a solid balance sheet positions Emirates NBD as a leading regional player, paving the way for future growth,” he explained.
Emirates Islamic
Meanwhile, Emirates Islamic, a subsidiary of Emirates NBD, also achieved a significant milestone, surpassing Dh1 billion in quarterly profits for the first time, affirming its status as a leading Islamic bank in the UAE. The bank’s wealth management strategy saw success, with assets under management reaching $50 billion, driven by a rise in affluent individuals in the region.
Emirates NBD holds a 35% share of the UAE credit card market, with over Dh50 billion in credit and debit card transactions recorded in Q1 2025. New offerings, such as the Abu Dhabi-targeted ‘Darna’ co-branded credit card with Aldar, along with free local equity trading on the ENBD X and EI+ apps, have enhanced its retail and investment attractiveness, according to the bank’s statement.
The bank’s net promoter score of 48 highlights its commitment to customer experience excellence. Regionally, Emirates NBD’s operations in Saudi Arabia experienced a 15% growth in loans, while new lending of Dh46 billion spurred 7% retail and 6% corporate loan growth. The introduction of structured credit, commodity, and investment products has significantly increased income from local and international clients.
Emirates NBD Capital maintained its lead in UAE IPOs and MENA loans, ranking among the top three for international sukuk.