A strong jump contributes to a 20% increase in the proposed dividend
Emirates NBD profits rise 40% to 13 billion dirhams in 2022
Ahmed bin Saeed: “I feel very proud that 70% of the members of the executive management team of the Emirates NBD Group in the Emirates are Emirati citizens.”
All business units in Emirates NBD showed outstanding performance, which led to an increase in income by 36%.
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Emirates NBD announced a 40% jump in its profits in 2022 to reach 13 billion dirhams, proposing a 20% increase in cash dividends to reach 60 fils per share.
And the bank stated in a statement that the profits of the last quarter of 2022 were exceptionally strong, after it amounted to 3.9 billion dirhams, an increase of 94%, compared to the same period in the previous year.
Emirates NBD considered 2022 a record year in terms of performance, especially with regard to individual loans and customer transactions, pointing out that all business units showed outstanding performance, which led to an increase in income by 36%, and new corporate loans grew by 50 billion dirhams, as well as We reported a growth in current and savings account balances by 20 billion dirhams, and an improvement in the deposit mix, supported by the strong liquidity of the sector.
The bank stressed that the credit quality is still good, which shows the strength of the economy in the region, with a decline in the rate of impairment by 12%.
Net profit increased by 40%, compared to the same period in 2021, to reach 13 billion dirhams, while total income increased by 36%, to 32.5 billion dirhams.
The bank revealed a strong performance of the activities of individual loans and Islamic financing, which coincided with the provision of new loans to companies in the amount of 50 billion dirhams, offset by the payment of large amounts of government loans, at a time when current and savings accounts grew by 20 billion dirhams in 2022.
In turn, the earnings per share increased significantly by 43% to reach 198 fils, in addition to the increase in the proposed dividends by 20% to reach 60 fils per share.
As for total assets, it increased by 8% to reach 742 billion dirhams.
Emirates NBD emphasized the support of Dubai's economy, by assuming a leading role in supporting subscriptions to initial public offerings, with a value of 31.1 billion dirhams.
He stressed that costs are still under control and are well controlled, while the group is opening more branches in Saudi Arabia, India and Egypt.
According to the statement, Emirates NBD and Emirates Islamic enjoy a market share of about 30% of debit and credit card spending in the UAE, with more than one million transactions processed per day.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Board of Directors of Emirates NBD, said: “Emirates NBD’s profits jumped by 40% to reach 13 billion dirhams in 2022, which reflects the strong regional economic growth and the success of the group’s diversified business model.”
His Highness added, "As a leading bank in the region, we are proud to support (Dubai Economic Agenda D33), which aims to double the size of Dubai's economy over the next 10 years, and strengthen its position among the top three international destinations for tourism and business."
His Highness affirmed that "the bank played a leading role in supporting subscriptions to initial public offerings, amounting to 31.1 billion dirhams in 2022, contributing in turn to the development of Dubai's economy and capital markets."
He continued: «Our focus on long-term succession plans led to the appointment of Emirati talents in senior leadership positions, and I feel very proud that 70% of the members of the executive management team of the group in the UAE are Emiratis».
His Highness said, "In light of the strong performance of the group, we propose an increase of 20% in cash dividends, to reach 60 fils per share."
Exceptionally strong operating profit
"The bank was able to achieve strong and exceptional operating income and profits in 2022," said Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group.
He added, "International operations provide opportunities for diversification and growth, as they contribute 39% of total income. New loans witnessed a record rise in individual financing, and new corporate loans grew by 50 billion dirhams."
Dubai's economy... strong growth
Group CEO, Shane Nelson, said: "Liquidity in the UAE banking sector is still in a good position, and current and savings account balances grew by 20 billion dirhams during 2022."
He added, "Dubai's economy is expected to achieve strong growth in 2023, and the group's strong balance sheet, today, is in a position to support its customers and help them grow locally and internationally."
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