- Emirates NBD, Dubai's biggest lender by assets, reported that its third-quarter net profit rose 38% year-on-year, partly due to loan growth and steady low-cost funding that allowed the bank to benefit from higher interest rates. Profit for the quarter was 5.2 billion dirhams ($1.42 billion), roughly in line with analysts' median estimate of 5.18 billion dirhams.
Majorly owned by the government of Dubai, the bank had its total assets up by 16% year-on-year to 836 billion dirhams, while gross loans were up 8% to 494 billion and deposits were 19% higher at 570 billion.
Why it matters
Emirates NBD has a strong retail lending momentum, coupled with landmark multinational-customer deals, and this is driving healthy growth. It is worth noting that Emirates NBD is the Principal Banking Partner for COP28. The Group successfully launched its Sustainable Finance Framework and raised US$750 million with the largest green bond ever issued by a regional bank, assisting customers in aligning to the UAE Vision 2030.