Emirates NBD’s Profit Before Tax rises 56% to AED 7.8 billion on strong loan growth and improving deposit mix Assets surpass AED 1 trillion milestone

7 Min | 22 April 2025

Dubai, 22 April 2025: Emirates NBD’s Profit before tax rose 56% to AED 7.8 billion as strong lending momentum, an improvement in deposit mix and new products drove an 11% year-on-year increase in income. The balance sheet surpassed the AED 1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy. Deposits grew by 5%, driven by a record AED 27 billion increase in low-cost Current and Savings Account balances. Loans grew AED 18 billion in the first quarter of 2025, with over half of the increase sourced from the growing International network.

Emirates Islamic’s quarterly profitability crossed the AED 1 billion mark for the first time ever, highlighting its position as a leading Islamic bank in the UAE. The region’s growing affluent population propelled Assets Under Management to USD 50 billion, affirming Emirates NBD’s successful focus on Wealth Management and new products. Strategic investment in the Group’s regional footprint, Digital and GenAI, are generating income, helping to offset the impact of lower interest rates.

Q1 Press Release

Key Highlights – Q1 2025

Profit before tax 56% higher q-o-q on significant loan growth from regional expansion, a low-cost funding base and strong transaction volumes
- Assets surpass AED 1 trillion milestone
- Total income up 5% to AED 11.9 billion on strong loan growth and improving low-cost funding mix
- 3.5% loan growth in Q1-25, as lending grew AED 18 billion with over half of the increase from International network
- Deposits grew AED 31 billion in Q1-25, including a record AED 27 billion increase in Current and Savings Accounts, reinforcing deposit mix as a key strength of the Group
- Impairment credit of AED 0.5 billion on impressive recoveries as clients benefit from a buoyant regional economy with impaired loan ratio improving to 3.1%
- Emirates Islamic’s quarterly profit exceeds AED 1 billion for the first time ever

Emirates NBD’s investment in customer focused services & products is propelling business growth
- 35% market share of UAE Credit card spend; over AED 50 billion Credit and Debit card spend in Q1-25
- Launched Bank’s first Abu Dhabi retail and lifestyle ‘Darna’ cobranded credit card in partnership with Aldar
- Free local equity trading on award winning ENBD X and EI + apps, supporting regional stock markets
- Emirates NBD one of region’s top banks for Customer Experience with Net Promoter Score of 48
- KSA network expansion driving an impressive 15% loan growth in Q1-25
- Excellent AED 46 billion of new lending helped deliver 7% Retail loan growth and 6% Corporate loan growth in Q1-25
- New Structured Credit, Commodity and Investment products introduced, driving a substantial increase in income from both local and international clients
- ALM Markets desk ranked the number one M-Bill primary dealer by the Central Bank of the UAE for 2024
- Corporate CASA growth backed by best-in-class digital escrow capabilities, APIs and virtual accounts
- Emirates NBD Capital is the number one investment bank for UAE IPOs and MENA Loans, and maintained its Top 3 position for international sukuks
- 93% of new current accounts opened via mobile app (40%) or assisted Tablet (58%)
- Assets Under Management across the Group grew to USD 50 billion, reflecting ongoing success of the Bank’s wealth management strategy

Looking to the future, Emirates NBD is transforming into a data-first, digital-focused and environmentally responsible regional powerhouse
- ENBD X launched in KSA, upgrading digital offering in the Kingdom
- Launched crypto trading through Liv X in partnership with Aquanow and Zodia Custody
- More than 750,000 users of WhatsApp banking
- Strategic partnership between Emirates NBD Pay and Visa's Cybersource platform to accelerate advanced digital payment solutions for clients
- Emirates NBD Pay collaborated with Mastercard to enhance Digital Payment Solutions, becoming first bank globally to offer Mastercard’s Brighterion AI technology
- Further fintech collaborations with Partior (blockchain payments) and iPID (beneficiary validation)
- Big-data analytics performs deep data mining, expanding new merchant acquiring opportunities
- Over 50 active Advanced Analytics use cases, positioning Emirates NBD as a data-first bank
- Best ESG rating for any Bank in the region by S&P Global
- First bank in MENA to publish inaugural ISSB report
- Emirates NBD has the highest number of LEED Platinum certified branches of any bank globally

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:

“Emirates NBD’s Profit before tax grew substantially by 56% to AED 7.8 billion in the first quarter of 2025, driven by strong regional expansion, increased digital adoption, an outperforming funding base and sustained loan recoveries.
The balance sheet surpassed the AED 1 trillion milestone boosted by impressive loan and deposit growth from a buoyant regional economy.
All business units achieved an outstanding performance as they delivered higher income year-on-year.
Emirates Islamic quarterly profit exceeded AED 1 billion for the first time ever, with very strong Customer Financing growth of 7% in Q1-25, highlighting its position as an Islamic banking powerhouse in the UAE.
The Group commands a 35% market share of UAE Credit card spend, and we processed more than AED 50 billion Credit and Debit card spend in the first quarter of 2025.
The Group delivered a very impressive 3.5% loan growth in Q1-25 as lending grew AED 18 billion, with over half of the increase being sourced from the growing International network.”

Shayne Nelson, Group Chief Executive Officer said:

"Emirates NBD delivered an 11% 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 3 exciting FinTech companies ranging from blockchain based payments to international beneficiary validation.
We actively use big-data analytics for deep data mining, expanding new merchant acquiring opportunities and have over 50 active Advanced Analytics use cases, positioning Emirates NBD as a data-first bank.”

Patrick Sullivan, Group Chief Financial Officer said:

"Profit increased by 56% over the preceding quarter to AED 6.2 billion in Q1-25 on higher income, lower costs and an impairment credit.
The Group’s low-cost Current and Savings Account deposit base grew by a record AED 27 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 AED 0.5 billion.
Retained earnings helped support strong loan growth and the rock-solid balance sheet makes Emirates NBD a regional powerhouse, providing the platform for future growth.
The investment in people, network, technology and products is clearly delivering new sources of income.”

Financial Review

Q1 Press Release

Outlook

The non-oil economy in the UAE started 2025 on a strong footing with signs of robust activity in Q1-25. A healthy domestic economy backed by significant private and public sector investment, along with a growing population, will support growth this year. In the Kingdom of Saudi Arabia, activity has also been strong as the Government carries out an extensive investment programme. Oil production is due to increase in both the UAE and KSA this year, while revenue diversification is helping to provide some insulation to the economies from volatility in oil prices. In Egypt, inflation is continuing to come under control which should allow the private sector to expand while Türkiye’s monetary policy is helping to curb inflation.

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