Emirates NBD's profits increased by 65 percent by the end of 2023, compared to 2022 profits.
The bank explained in a statement that its profits reached 21.5 billion dirhams in 2023 thanks to asset growth, stability of the low-cost financing base, and increased transaction volume.
Profits for the fourth quarter of 2023 increased by 3 percent compared to the same period of the previous year, reaching 4 billion dirhams as a result of higher income, reflecting the prosperity of the regional economy.
Emirates NBD's asset base jumped by 16 percent in 2023 due to the growth in deposits amounting to 82 billion dirhams, which consolidated the group's leadership position in the market.
Low-cost current and savings accounts represented a record addition of 30 billion dirhams.
Lending increased by 5 percent as a result of strong growth in individual loans, in addition to the issuance of new loans to companies worth 70 billion dirhams.
Credit quality improved significantly, with impairment charges reduced by 33 percent, and the percentage of impaired loans improved to 4.6 percent, recording its lowest level since 2009.
The Board of Directors proposed distributing cash dividends of 100 fils per share, in addition to an increase of 20 fils, on the occasion of the celebration of the 60th anniversary of the founding of the group, thus doubling the value of the cash dividends from the previous year.
In the first nine months of 2023, Emirates NBD's profits jumped by 92 percent on an annual basis.
Emirates NBD's profits for the period ending last September 30 amounted to about 17.5 billion dirhams, compared to 9.1 billion dirhams during the same period of the year 2022.
Total income increased by 44 percent to 32.7 billion dirhams thanks to an excellent deposit mix, strong loan growth, and strong growth in fees and commissions across all business segments.
