Investor Presentation | FY-2022
Emirates NBD's profit rises 40% YoY to AED 13 bn
on strong diversified income growth
Emirates NBD
Emirates NBD
Excluding DenizBank
DenizBank ā”
Key Highlights
Income Statement
FY 22
FY 21
%A YOY
FY 22
%A YOY
FY 22
%A YOY
(All figures are in AED bn)
Net interest income
23.2
16.9
37%
15.6
34%
7.6
43%
Non-funded income
9.3
6.9
35%
6.3
22%
3.0
70%
Total income
32.5
23.8
36%
21.9
31%
10.6
50%
Operating expenses
(9.3)
(8.0)
16%
(6.8)
18%
(2.4)
11%
Pre-impairment
23.3
15.8
47%
15.1
38%
8.1
68%
operating profit
Impairment allowances
(5.2)
(5.9)
(12)%
(3.5)
9%
(1.7)
(37)%
Tax and others
(2.0)
(0.6)
214%
(0.2)
54%
(1.7)
267%
Profit after tax & before
16.1
9.3
73%
11.4
49%
4.7
185%
hyperinflation
Hyperinflation adjustment
(3.1)
(3.1)
Net profit
13.0
9.3
40%
11.4
49%
1.6
(4)%
Cost: income ratio
28.5%
33.5%
(5.0)%
31.1%
(3.4)%
23.0%
(8.2)%
NIM
3.43%
2.53%
90 bps
2.77%
64 bps
6.81%
246 bps
Group profit up 40% on strong diversified income growth
-
ENBD income higher from improving transaction volumes and
increased margins
ā DeinzBank income higher from increased lending, wider
margins and hedging
Higher NIMs reflect rising interest rates and an improvement in
DenizBank margins
Lower provisions as 108bp cost of risk for FY22 reflects higher
level of writebacks & recoveries and robust operating
environment
AED 1.6 bn net profit contribution from DenizBank stable despite
AED 3.1 bn hyperinflation adjustment
Accelerating investment in international growth and digital
Strong new lending to retail and corporates helping offset
sovereign repayments
AED 20 bn CASA growth demonstrates market penetration and
strong UAE liquidity, enabling Group to benefit from rates rises
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