#1Emirates NBD ra خ Results Presentation | 012023 27 April 2023#2Important Information Disclaimer The material in this presentation is general background information about Emirates NBD's activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. The information contained here in has been prepared by Emirates NBD. Some of the information relied on by Emirates NBD is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. Forward-Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward- looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. Emirates NBD undertakes no obligation to revise or update any forward- looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Rounding Rounding differences may appear throughout the presentation.#3Executive Summary Q1 23 Results Key Highlights 8 AED Record quarterly profit of AED 6 bn on higher income & strong recoveries 1600 Record AED 10.5 bn quarterly income on improved loan & deposit mix coupled with higher interest rates AED Deposits grew 7% by AED 35 bn, including AED 19 bn CASA growth AED Recharged international and digital strategy to ($) drive future growth Key Metrics and Guidance Profit Income NIM AED 6 bn AED 10.5 bn 4.05% +119% Record retail financing with over AED 8 bn disbursed and over 144,000 credit cards issued Solid balance sheet with improvement in capital, liquidity and credit quality and strong profit remain core strengths of the Group Cost to Income 25.3% Guidance ≤ 33% NPL Cover +64% Guidance 3.8-4.0% LCR CET 1 187% 15.8% 152% NPL ratio 5.6% Guidance Revised to -6% Cost of Risk 41 bp Guidance Revised to ~50-70 bp Loan Growth 3% Guidance mid-single digit 1#4Q1-23 Q1-22 7.2 4.3 3.3 2.1 10.5 6.4 (2.6) (2.0) Emirates NBD's profit rises 119% YoY to AED 6 bn on strong diversified income growth and healthy recoveries Income Statement (All figures are in AED bn) Net interest income Non-funded income Total income Operating expenses Operating profit %A YOY Q4-22 %A QOQ 69% 7.7 54% 2.1 (7)% 55% Key Highlights 64% 9.8 7% 34% (2.9) (8)% 7.8 4.4 77% 7.0 12% before impairment Impairment allowances. (0.5) (1.4) (66)% (1.9) (76)% Profit before tax & others 7.3 3.0 145% 5.0 46% Hyperinflation adjustment (0.8) (0.7) 21% Tax (0.5) (0.3) 91% (0.4) 15% Profit 6.0 2.7 119% 3.9 Cost: income ratio NIM 25.3% 4.05% 30.8% 2.60% (5.5)% 145 bps 29.1% 4.40% 54% (3.8)% (35) bps Balance Sheet 31-Mar-23 31-Mar-22 %ΔΥΟΥ 31-Dec-22 %A QOQ Total Assets 782 694 13% 742 5% Total Gross Loans 470 463 1% 456 3% Deposits 538 469 15% 503 7% CET-1 (%) 15.8% 15.0% 0.8% 15.4% 0.4% LCR (%) 187% 157% 30% 182% 5% NPL ratio (%) 5.6% 6.4% (0.8)% 6.0% (0.4)% Group profit up 119% on strong diversified income growth and healthy recoveries - ENBD income higher from improving loan mix & increased margins and higher transaction volumes DeinzBank income higher from increased lending and higher transaction volumes Higher NIMs reflect rising interest rates Lower provisions as 41 bp cost of risk for Q1-23 reflects strong recoveries and robust operating environment AED 0.9 bn profit contribution from DenizBank despite AED 0.8 bn hyperinflation adjustment Accelerating investment in international growth and digital Record quarter for retail disbursements and strong new corporate lending helping deliver loan growth Further CASA growth demonstrates market penetration and strong UAE liquidity, enabling the Group to benefit from rates rises 2#5NIMs trending towards guidance range on collective impact of rate rises, deposit mix and Turkish regulations Net Interest Margin (%) YTD NIM Quarterly NIM 4.40 4.05 4.05 3.57 3.09 3.43 3.10 2.60 2.89 2.82 2.86 2.65 2.60 2.53 Fed Funds Upper Bound 2.50% 1.75% 0.25% 0.25% 0.50% 1.75% 3.25% 4.50% 5.00% 2018 2019 2020 2021 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Key Highlights Q1-23 NIM up 145 bps y-o-y due to improved loan & deposit mix and higher interest rates Q1-23 NIM down 35 bps q-o-q on DenizBank NIM contraction from regulatory impact partially offset by higher interest rates Guidance maintained at 3.8-4.0% on collective impact of rate rises, deposit mix and Turkish regulations NIM drivers Q1-23 vs Q1-22 (%) 2.60 3.51 (0.92) (0.85) (0.29) 4.05 NIM drivers Q1-23 vs Q4-22 (%) 4.40 1.00 (0.25) (0.28) 4.05 (0.82) Q1-22 Loan Yield Deposit Cost Treasury & Other DenizBank Q1-23 Q4-22 Loan Yield Deposit Cost Treasury & Other DenizBank Q1-23 3#6Non-funded Income Non-funded income Q1-23 Q1-22 %A YOY Q4-22 %A QOQ (All figures are in AED mn) • Fee and Commission income 2,016 1,527 32% 1,870 8% Fee and Commission expense (897) (607) 48% Net Fee and Commission Income 1,119 920 22% (850) 5% 1,020 10% Other operating income 2,039 1,189 72% 1,041 96% Gain/loss on trading securities 112 10 1003% 55 103% Total Non-funded income 3,269 2,118 54% 2,116 55% Fee and Commission Income (AED bn) Key Highlights Healthy trend in fee and commission income, 32% higher y-o-y from increased local and international retail card business at both ENBD and DenizBank, strong investment banking revenue and increased Trade Finance Other operating income up 72% y-o-y due to higher retail FX volumes as customers increased remittance at favorable rates, additional corporate hedging activity, and higher gains from both property and investments Other Operating Income (AED bn) 2,039 287 2,016 1,806 1,870 1,527 1,801 68 73 63 54 267 233 218 228 58 198 1,552 5 1,388 311 1,189 28 359 49 158 1,041 217 85 49 1,441 1,505 1,533 1,569 1,681 1,188 1,202 1,271 922 907 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Fee Income Trade Finance Brokerage and AM Fees ■FX & Derivative Property & Others Investment Securities 4#7Improving loans and deposit mix Gross Loans by Type* (AED bn) Key Highlights Gross lending up 3% in Q1-23 Retail lending up 6% with strong demand across all products Corporate lending up 1% - DenizBank's gross loans up 6% after FX Deposit mix remained healthy in Q1-23 with an impressive AED 19bn increase in CASA balance demonstrating our market understanding and penetration and strong UAE liquidity - CASA represents 60% of total Group deposits DenizBank's deposits up 27% y-o-y 1% . 463 463 457 470 456 65 66 66 69 73 88 91 94 DenizBank 95 101 Retail 139 124 114 113 116 ■Sovereign ■Corporate 170 182 183 179 180 - Q1-22 Deposits by Type (AED bn) Q2-22 Q3-22 Q4-22 Q1-23 15% Gross Loans by Sector (%) 538 Agri 1% 503 469 468 481 Other 3% 89 82 Manuf. 5% 70 73 79 22 DenizBank 19 10 13 16 Trans & Services 10% 133 Other 117 118 114 128 Trade 7% Time Construction & Hotel 5% FI & Mgmt Cos 9% ■CASA 272 264 272 274 293 Real Estate 10% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 * EI loans re-segmented under relevant sectors Net Loans by Geography (%) Sovereign 25% Personal 26% International 25% GCC 2% UAE 73% 50#8Credit quality improving with market leading coverage Impaired loans and allowances 6.4 6.1 5.8 6.0 5.6 37.9 37.7 29.5 28.3 26.6 37.9 27.3 39.4 26.2 Key Highlights NPL ratio improved by 0.4% to 5.6% in Q1-23 on continued strong writebacks and recoveries 39.8 . Coverage ratio strengthened 7% to 152% in Q1-23 - S1 coverage increased due to Turkish earthquake and higher rate environment overlay - S3 coverage increased to 98.7% as writeback and recoveries reduced impaired loan balances 2023 NPL guidance lowered to '-6%' and cost of risk guidance lowered to '50-70bp' on recoveries and pipeline 152 143 145 133 129 Q1-22 Q2-22 Impaired Loans (AED Bn) Coverage Ratio (%) Q3-22 Q4-22 Q1-23 Impairment Allowances (AED Bn) NPL Ratio (%) Coverage by Stage Stagewise ECL (AED bn) Total Gross Loans 1.2% 1.4% 26.8% 26.7% 39.4 39.8 FY-22 | AED 456 bn 4.8 5.7 Stage 1 87.7% 7.8 7.7 Stage 2 6.4% Stage 3 6.0% ■Stage 1 ■Stage 2 26.8 98.3% 98.7% 26.4 ■Stage 3 FY-22 Q1-23 FY-22 Q1-23 Q1-23 | AED 470 bn Stage 1 88.3% Stage 2 6.2% Stage 3 5.6% 6#9Costs firmly controlled with focus on future growth Cost to Income Ratio (%) 30.8% 30.8% 29.1% 28.7% 28.2% 28.5% 27.4% 25.3% 26.7% 25.3% Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 CI Ratio (YTD) -CI Ratio (QTD) Upper Guidance range Operating expenses trends (AED bn) 34% 2,858 2,642 2,327 857 620 2,078 1,965 499 457 219 219 Other Cost 400 177 268 236 156 175 255 IT & Commun. 217 208 Dep. & Amort. Staff Cost 1,192 1,238 1,396 1,514 1,567 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 • Key Highlights Q1-23 cost to income ratio at 25.3% within guidance reflecting stronger income enabling continued acceleration of investment for growth Staff costs increased y-o-y on incentives to drive underlying earnings and investment in human capital for future growth in digital and international Higher depreciation and amortization costs reflect increased investment in digital platforms Other costs decreased q-o-q on service, legal and professional fees and lower marketing costs due to seasonality Operating expenses composition (%) Breakdown as of 01-23 0 Staff 59% Depreciation 8% Amortization 1% Other 15% IT 5% Occupancy 3% Equip. & Supp. 2% Commun. 3% Service & Legal 2% Marketing 1% 7#10Funding & Liquidity remains very healthy Advances to Deposit and Liquidity Coverage Ratio (%) 99 ADR % --LCR % 95 157 155 152 92 91 87 182 187 180 140 83 91 91 100 87 79 83 80 75 Q1-22 Q2-22 60 Q3-22 Q4-22 Q1-23 Composition of Liabilities and Debt Issued (%) Customer Deposits 78% Banks 5% Key Highlights • LCR of 187% and ADR of 80% demonstrate healthy liquidity • • Liquid assets* of AED 74 billion cover 11% of total liabilities, 14% of deposits AED 4 bn of term debt issued in 2023 AED 5.9 bn maturities in 2023 comfortably within Group's issuance capabilities Emirates NBD and EI successfully issued AED 1 bn public bond and sukuk in Q1-23, becoming the first issuers to access this market since UAE Ministry of Finance developed local yield curve Maturity Profile of Debt/Sukuk Issued AED 59.2 bn 18.6 11.1 9.7 9.9 Others 8% 0.6 0.4 0.0 18.6 Debt/Sukuk 9% 5.9 6.4 4.0 1.6 9.4 9.8 0.0 4.3 4.1 3.9 2023 2024 2025 2026 2027 Beyond 2027 * Includes cash and deposits with Central Banks, excludes interbank balances and liquid investment securities ■ENBD ■Club Deal DenizBank 80#11Capital ratios remain solid Capital (AED bn) 5.6 81.4 (0.1) 76.6 (0.7) 5.7 96.2 • 9.1 CET1 31-Dec-22 Net Earnings Interest on AT1 ECL CET1 add-back 31-Mar-23 T1 T2 Capital 31-Mar-23 Risk Weighted Assets (AED bn) • • Key Highlights CET-1 ratio improved by 0.4% to 15.8% during Q1-23 as AED 5.6 bn of net earnings more than offset 3% increase in RWAs Capital ratios well above 11% / 12.5% / 14.5% CBUAE min. requirement CET-1 at 15.3% excluding ECL regulatory add-back IAS 29 hyperinflation adjustment is capital neutral Capital Ratios (%) 12% 18.5 18.7 18.1 18.0 18.3 1.1 1.1 1.1 515 1.1 1.1 499 479 490 1.9 1.8 458 ■T2% 2.0 1.9 1.8 117 122 132 139 113 31 31 33 33 ■ AT1% 31 11 11 11 12 10 304 320 326 323 331 Q1-22 Credit Risk Q2-22 Q3-22 Q4-22 Q1-23 Market Risk ■Operational Risk DenizBank CET1% 15.0 15.0 15.5 15.4 15.8 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 9#12Divisional Performance Key Highlights Retail Banking and Wealth Management had an excellent first quarter with its highest ever revenue, strongest ever disbursement of loans and credit cards, and a stable, diverse deposit base Robust business momentum continues with loan origination up 29% and Credit Card acquisitions up 84% y-o-y as 144,000 new credit cards issued in Q1-23 Lending increased by AED 5 bn and Deposits grew by AED 13 bn in Q1-23 Income up 39% y-o-y with 30% contribution from non-funded income 'ENBD X' enhanced mobile banking app rolling out, delivering a new standard in customer service EI Retail strengthened its digital offering, launching new mobile app Corporate and Institutional Banking capitalized its strategic partnership with major Government entities and Corporates by enhancing digitized service platforms Global Custody Services launched on DFM and ADX, providing clients with secure and efficient safekeeping of assets across multiple geographies Profitability jumped 128% on higher fee income from increased customer hedging, Trade Finance and Investment banking income, improved net interest income due to rate rises and strong recoveries CASA balances grew enabling the Group to maintain low cost of funds Emirates NBD Securities provides digital onboarding and instant trading access to ADX's listed companies Global Markets and Treasury delivered an outstanding performance with quarterly income and profit exceeding AED 1 billion for the first time Net interest income grew significantly from Balance Sheet positioning coupled with a significant increase in banking book investment income Non funded income grew by 76% as the Trading desk navigated volatile market conditions, with particularly strong performances from Rates and FX trading desks Sales Revenue grew by a healthy 60% with Structured Product revenue more than doubling and income from Foreign Exchange sales growing by 48% year on year • Group Funding issued the UAE's first Dirham denominated Sukuk and Conventional bonds from a bank, building on the UAE Ministry of Finance's development of the local yield curve DenizBank Profit up 37% to AED 861 million helped by strong recoveries 10 Operating Segment Metrics Q1-23 %ΔΥΟΥ Income (mn) 3,855 39% Expense (mn) 949 22% Retail Banking and Wealth Management Profit (mn) 2,036 11% • Loans (bn) 101 15% . • 18% Deposits (bn) 271 • Income (mn) 2,091 41% Expense (mn) 168 7% Corporate and Institutional Banking Profit (mn) 2,145 >100% Loans (bn) 296 -5% 5% Deposits (bn) 178 Income (mn) 1,145 >100% Global Markets and Treasury Expense (mn) 52 20% Profit (mn) 1,069 >100% • Income (mn) 2,580 42% • Expense (mn) 907 74% • DenizBank Profit (mn) 861 37% Loans (bn) 73 13% Deposits (bn) 89 27%#13Appendix Emirates NBD#14Monetary Assets Mar-20 451 466 477 Hyperinflation Türkiye Consumer Price Index 182% 505 524 547 87% 571 687 844 Turkish CPI grew by 182% over preceding three-years and by 51% in the preceding 12 months DenizBank's results and financial position included within ENBD's consolidated Financial Statements are adjusted for hyperinflation with effect from 1-Jan-22 Non-monetary Assets 846 1,047 51% 1,128 1,270 0.6 Key Highlights 0.8 0.9 1.9 (0.8) 0.9 (0.4) (0.2) Monetary Liabilities Net Monetary 1 Equity Position Non-monetary Liabilities AED 0.6 bn credit to equity representing the impact of indexing non-monetary items from date of acquisition until 31-Dec-21 The positive impact on capital of 23 bps from hyperinflation adjustment is excluded from capital adequacy computations Group EPS for 2023, excluding hyperinflation adjustment, is 159% higher at AED 1.06 Hyperinflation accounting not mandated by local regulator Net profit Q1-22 Income Expenses Provisions Profit before tax & others Hyperinflation Adjustment Tax Profit Q1-23 12#15Income Statement Emirates NBD ( Emirates NBD Excluding DenizBank DenizBank ✡ Income Statement Q1-23 Q1-22 %ΔΥΟΥ Q4-22 %A QOQ Q1-23 Q1-22 %A YOY Q4-22 %A QOQ Q1-23 Q1-22 %A YOY Q4-22 %A QOQ (All figures are in AED bn) Net interest income 7.2 4.3 69% 7.7 (7)% 5.8 3.0 93% 5.1 15% 1.4 1.2 11% 2.6 (48)% Non-funded income 3.3 2.1 54% 2.1 55% 2.0 1.5 34% 1.6 27% 1.2 0.6 107% 0.5 141% Total income 10.5 6.4 64% 9.8 7% 7.9 4.6 73% 6.7 18% 2.6 1.8 42% 3.1 (18)% Operating expenses (2.6) (2.0) 34% (2.9) (8)% (1.7) (1.4) 20% (2.1) (18)% (0.9) (0.5) 73% (0.7) 22% Operating profit 7.8 4.4 77% 7.0 12% 6.1 3.1 98% 4.6 35% 1.7 1.3 29% 2.4 (30)% before impairment Impairment allowances (0.5) (1.4) (66)% (1.9) (76)% (0.9) (0.9) (2)% (1.1) (14)% 0.4 (0.5) (189)% (0.9) (149)% Profit before tax & others 7.4 3.0 145% 5.0 46% 5.2 2.2 139% 3.5 49% 2.1 0.8 160% 1.5 38% Hyperinflation adjustment (0.8) (0.7) 21% 0.0 0.0 (0.8) (0.7) 21% Tax (0.5) (0.3) 91% (0.4) 15% (0.1) (0.1) 9% (0.0) 84% (0.4) (0.2) 125% (0.4) 6% Profit 6.0 2.7 119% 3.9 54% 5.2 2.1 144% 3.5 49% 0.9 0.6 38% 0.5 92% Cost: income ratio 25.3% 30.8% (5.5)% 29.1% (3.8)% 22.1% 31.8% (9.7)% 31.7% (9.6)% 35.0% 28.3% 6.7% 23.6% 11.4% NIM 4.05% 2.60% 145 bps 4.40% (35) bps 3.94% 2.20% 174 bps 3.48% 46 bps 4.57% 4.66% (9) bps 8.97% (440) bps Balance Sheet 31-Mar-23 31-Mar-22 %Δ ΥΟΥ 31-Dec-22 %A QOQ 31-Mar-23 Total Assets 782 694 13% 742 5% 648 31-Mar-22 584 %A YOY 31-Dec-22 %A QOQ 31-Mar-23 31-Mar-22 %A YOY 31-Dec-22 %A QOQ 11% 618 5% 134 110 22% 124 8% Total Gross Loans 470 463 1% 456 3% 397 398 (0)% 387 2% 73 65 12% 69 6% Deposits 538 469 15% 503 7% 449 399 12% 421 7% 89 70 28% 82 9% 13#16US$ convenience translation Emirates NBD ( Emirates NBD Excluding DenizBank DenizBank Income Statement Q1-23 Q1-22 %A YOY Q4-22 %A QOQ Q1-23 Q1-22 %A YOY Q4-22 %A QOQ Q1-23 Q1-22 %ΔΥΟΥ Q4-22 %A QOQ (All figures are in USD bn) Net interest income 2.0 1.2 69% 2.1 (7)% 1.6 0.8 93% 1.4 15% 0.4 0.3 11% 0.7 (48)% Non-funded income 0.9 0.6 54% 0.6 55% 0.6 0.4 34% 0.4 27% 0.3 0.2 107% 0.1 141% Total income 2.9 1.7 64% 2.7 7% 2.1 1.2 73% 1.8 18% 0.7 0.5 42% 0.9 (18)% Operating expenses (0.7) (0.5) 34% (0.8) (8)% (0.5) (0.4) 20% (0.6) (18)% (0.2) (0.1) 73% (0.2) 22% Operating profit 2.1 1.2 77% 1.9 12% 1.7 0.8 98% 1.2 35% 0.5 0.4 29% 0.7 (30)% before impairment Impairment allowances (0.1) (0.4) (66)% (0.5) (76)% (0.2) (0.2) (2)% (0.3) (14)% 0.1 (0.1) (189)% (0.2) (149)% Profit before tax & others 2.0 0.8 145% 1.4 46% 1.4 0.6 139% 1.0 49% 0.6 0.2 160% 0.4 38% Hyperinflation adjustment (0.2) 0% (0.2) 21% 0.0 0% (0.2) 0% (0.2) 21% Tax (0.1) (0.1) 91% (0.1) 15% (0.0) (0.0) 0% (0.0) 84% (0.1) (0.0) 125% (0.1) 6% Profit 1.6 0.7 119% 1.1 54% 1.4 0.6 144% 0.9 49% 0.2 0.2 38% 0.1 92% Cost: income ratio 25.3% NIM 4.05% 30.8% 2.60% (5.5)% 145 bps 29.1% 4.40% (3.8)% (35) bps 22.1% 3.94% 31.8% 2.20% (9.7)% 31.7% (9.6)% 35.0% 174 bps 3.48% 46 bps 4.57% 28.3% 4.66% 6.7% 23.6% 11.4% (9) bps 8.97% (440) bps Balance Sheet 31-Mar-23 31-Mar-22 %A YoY 31-Dec-22 %A QoQ 31-Mar-23 31-Mar-22 %A YoY 31-Dec-22 %A QoQ 31-Mar-23 31-Mar-22 %A YoY 31-Dec-22 %A QOQ Total Assets 213 189 13% 202 5% 177 159 11% 168 5% 37 30 22% 34 8% Total Gross Loans 128 116 10% 124 3% 108 98 10% 105 3% 20 18 12% 19 6% Deposits 147 128 15% 137 7% 122 109 12% 115 7% 24 19 28% 22 9% 14#17Emirates NBD 15