Emirates NBD’s Q1 2023 profit more than doubles to a record AED 6 billion
Emirates NBD’s profit more than doubles to a record AED 6 billion in the first quarter of 2023.
This is also a record quarter for income which exceeds AED 10 billion for the first time ever. The exceptional increase in profit reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries. Healthy sector liquidity helped deposits grow by AED 35 billion or 7% including a further AED 19 billion increase in Current and Savings Accounts, supporting a 3% increase in lending and impressive asset growth.
Credit quality improved due to substantial recoveries reflecting the region’s growing economy with impairment charge down 66%. Every business unit delivered higher income and improved profitability. The bank has launched new digital products and services and recharged our strategy within our international footprint to deliver future growth.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said: “Emirates NBD’s profits more than doubles to a record AED 6 billion in the first quarter of 2023, reflecting the success of the Group’s diversified business model and a healthy regional economy. As a leading bank in the region, we are fully aligned with Dubai’s commitment to continue developing and stimulating entrepreneurship, attracting more foreign investment and consolidating Dubai’s position as a land of opportunity and innovation."