Emirates NBD Bank achieved a 40% jump in net profit in 2022, to reach 13 billion dirhams.
According to Arabiya Net, the bank's profits increased in the fourth quarter of 2022 by 94%, to reach 3.9 billion dirhams.
Higher interest rates and higher transaction volumes supported a 36% increase in gross income in 2022 to 32.5 billion dirhams, boosting profits.
Total assets grew 8% to 742 billion dirhams.
Shane Nelson, Group Chief Executive Officer of Emirates NBD Bank, said: “We maintained strong income growth momentum, controlled costs and benefited from re-admissions and refunds, which reflects the healthy regional economic situation.
The bank stated that new corporate loans increased by 50 billion dirhams last year, but that total loans fell 1% to 456 billion dirhams at the end of the last quarter, with the decline in sovereign borrowing. Total deposits increased by 10% in 2022 to 503 billion dirhams.
Bad loan provisions fell 12% last year, which the company attributed to strong savings measures in previous periods.
Emirates NBD proposed increasing the dividend by 20% to 60 fils based on the strong financial results.
