Emirates NBD’s 2022 profit rises 40% to AED 13 billion Strong results support 20% increase in proposed dividend to 60 fils
Emirates NBD’s profits jumped 40% to AED 13 billion in 2022, demonstrating the resilience of the Group’s diversified business model and strong regional economic growth. Q4 profit was exceptionally strong at AED 3.9 billion, up 94% y-o-y, reflecting improving margins and a lower cost of risk. 2022 was a record year for retail lending and customer transactions, with all business units delivering an outstanding performance, driving income 36% higher. New corporate lending grew by AED 50 billion in 2022 reflecting continued business optimism and AED 20 billion further Current and Savings Account growth improved the deposit mix, helped by strong sector liquidity. Credit quality remains healthy reflecting the region’s strong economy with impairment charge down 12%. We have opened new branches in KSA, Egypt and India, accelerating investment in our international footprint and digital capabilities to support further growth.
His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD said: “Emirates NBD’s profits jumped 40% to AED 13 billion in 2022, reflecting strong regional economic growth and the success of the Group’s diversified business model. As a leading bank in the region, we are proud to support the ‘D33’ Dubai Economic Agenda which aims to double the size of the Emirate’s economy in 10 years and make Dubai one of the top three international destinations for tourism and business. Emirates NBD played a lead role in delivering over AED 31 billion of IPOs in 2022, growing the Dubai economy and developing the equity capital markets Our focus on long term succession planning has led to talented Emiratis moving into Senior roles and I am extremely proud that 70% of our Group Executive Committee in the UAE are Emiratis. In light of the Group’s strong performance, we are proposing a 20% increase in the cash dividend to 60 fils per share.”
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