- Emirates NBD, Dubai's largest bank by assets, announced a 12% increase in net profit for the first quarter, attributing the growth to regional expansion, heightened transaction volumes, a cost-effective funding base, and notable recoveries in impaired loans. The bank reported a net profit of 6.7 billion dirhams ($1.82 billion) for the quarter, surpassing the average analyst estimate of 4.5 billion dirhams, as per LSEG data. Total assets for Emirates NBD exceeded 900 billion dirhams by the end of the quarter, marking a 15% year-on-year increase, with loans growing by 5% and deposits by 13%.
-
In addition to robust financial performance, Emirates NBD noted an improvement in credit quality, with the non-performing loan ratio dropping to 4.4% due to continued strong recoveries, writebacks, write-offs, and repayments in a favorable operating environment. This ratio stood at 5.6% at the end of March 2023. The banking sector in the United Arab Emirates, including Emirates NBD, has been buoyed by the region's growth potential amidst global economic uncertainties, with governments emphasizing investment in non-oil sectors and revenue diversification.
السبب في أهمية الخبر
Over the past year, ENBD has doubled its branches in Saudi Arabia to 18 and achieved a remarkable 19% loan growth in the first quarter, underscoring its strategic focus on tapping into the burgeoning markets within the region.
