Emirates NBDs Balance Sheet Crosses AED1 Trillion After Strong Q1 Numbers

The performance followed another quarter with strong lending momentum, an improvement in deposit mix, and new products.

Impressive loan and deposit growth in a buoyant regional economy boosted the balance sheet. Deposits grew by 5 per cent (AED31 billion), driven by a record AED27 billion (US$7.35 billion) increase in low-cost current and savings account balances. Loans grew AED18 billion (US$4.9 billion) during the quarter, with over half of the increase sourced from the bank’s growing international network.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, Emirates NBD, commented: “Emirates NBD’s profit before tax grew substantially by 56 per cent to AED7.8 billion in the first quarter of 2025, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries.

“All business units achieved outstanding performance as they delivered higher income year-on-year. The Group delivered a very impressive 3.5 per cent loan growth in Q1 as lending grew AED18 billion, with over half of the increase being sourced from our growing international network.”

Earlier this year, Emirates NBD acquired the remaining 0.11 per cent stake in Emirates Islamic Bank (EIB) to take full ownership and delisted it. In the first quarter, Emirates Islamic’s quarterly profitability crossed the AED1 billion mark for the first time ever.

Shayne Nelson, Group Chief Executive Officer, added: “Emirates NBD delivered an 11 per cent year-on-year increase in income, propelled by excellent loan growth and our ability to attract and retain low-cost deposits.

“The group’s ability to substantially grow income is a direct benefit of the strategic investment in our regional footprint, digital and GenAI, helping to offset the impact of lower interest rates. Innovative products have successfully harnessed key growth areas, including private banking, wealth management, escrow, regional corporate growth and investment banking.

“We continue to develop strategic partnerships to accelerate advanced digital payment solutions for clients and have expanded our collaboration with three exciting FinTech companies ranging from blockchain-based payments to international beneficiary validation.”

Emirates NBD reported impairment credit of AED0.5 billion on impressive recoveries as clients benefit from a buoyant regional economy. Impaired loan ratio improved to 3.1 per cent.

The bank now enjoys a 35 per cent market share of UAE credit card spend, with over AED50 billion credit and debit card spend during the quarter.

Patrick Sullivan, Group Chief Financial Officer said: “The group’s low-cost Current and Savings Account deposit base grew by a record AED27 billion in the first quarter, helping absorb the impact of lower interest rates.

“The credit environment remains healthy, and clients continue to benefit from a buoyant economy, leading to a net impairment credit of AED0.5 billion.”