Emirates NBD Hits Milestone: AED 900 Billion in Total Assets!
Mokshita P.
10x Industry

Emirates NBD Hits Milestone: AED 900 Billion in Total Assets!

It achieves record-breaking profit, AED 6.7 billion, with 67 percent growth from last quarter. Expansion, increased transaction volumes, and recovery of loans contribute to stellar performance.

Emirates NBD just knocked it out of the park in the first quarter of 2024. Their profit soared by a whopping 67 percent, hitting a record AED 6.7 billion compared to the last quarter. And get this, it's up by a solid 12 percent from the same time last year!

What's behind this incredible growth? Well, a bunch of things really. They've been expanding like crazy in the region, their transaction volumes shot up, and they've been pulling in a ton of low-cost funding. Plus, they've managed to recover a bunch of loans that were previously written off. Talk about turning things around!

Their total assets now stand at over AED 900 billion. That's a massive milestone. And they've been killing it in both retail and corporate lending. Retail lending hit an all-time high, and they've been sealing some major deals in the corporate world all across the region.

But it's not just about lending. Their deposit game is strong too. They added a whopping AED 26 billion in the first quarter alone. And get this, a huge chunk of that came from low-cost accounts, like current and savings accounts. They're clearly doing something right to attract customers.

And guess what? Their earnings per share shot up significantly, showing just how much investors are loving their performance. They've also been investing heavily in customer services and products, which seems to be paying off big time.

But they're not stopping there. They're all about the future. They're diving headfirst into digital transformation and focusing on being more environmentally responsible. Plus, they're expanding their presence in key markets like Saudi Arabia and celebrating milestones like 20 years of innovative Sharia’h compliant banking with Emirates Islamic.

Oh, and let's not forget about their commitment to sustainability. They're ranked among the top banks globally for their environmental, social, and governance practices. They even launched programs to support green fintech companies and help clients trade carbon futures. Now, that's what I call banking with a conscience!