Emirates NBD's 2023 profits rose 65% to AED 21.5 billion, driven by asset growth, a stable and low-cost funding base, increased trading...
Emirates NBD's 2023 profits rose 65% to AED 21.5 billion, driven by asset growth, a stable and low-cost funding base, increased trading volumes and high non-performing loan repayments. Profits for the fourth quarter of 2023 amounted to AED 4 billion, up 3% year-on-year due to higher revenues due to the booming regional economy.
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In view of the Group's excellent performance, the Board of Directors has proposed a dividend of 100 fils and 20 fils, double last year's dividend, to commemorate the 60th anniversary. Emirates NBD's asset base will grow by 16% in 2023 as the group's market-leading deposit business grows by AED82 billion and low-cost current and savings accounts add an impressive AED30 billion. increased.
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Loan volumes increased by 5%, driven by strong growth in personal loans and new corporate loans worth AED 70 billion. Emirates NBD's strong balance sheet makes it a leading player in the region. Credit quality improved significantly, impairment charges decreased by 33%, and the impaired loan ratio improved to 4.6%, his lowest level since 2009. All business areas achieved excellent performance.
His network in the Kingdom of Saudi Arabia will expand to 15 branches, with a new presence in Egypt, strengthening his international presence and digital capabilities to drive further growth. Emirates NBD is proud to be the main banking partner of COP28.
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