Emirates NBD Q1 2022 Financial Results

Operating expenses 35.3 Cost to Income Ratio (%) 34.0 33.1 33.5 30.3 32.6 30.8 Q1 21 Q2 21 Q3 21 CI Ratio (YTD) CI Ratio (QTD) Q4 21 Q1 22 Guidance Revised Guidance Operating expenses trends (AED mn) +5% -14% 2,272 1,868 1,896 1,956 1,965 625 Other Cost 425 392 410 441 182 IT & Commun. 147 150 156 150 236 240 239 176 Dep. & Amort. 230 Staff Cost 1,063 1,116 1.157 1,229 1.192 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Highlights Income Expenses Risk Capital Liquidity Divisional Key Highlights Q1 22 cost to income ratio at 30.8% well below guidance reflecting seasonal trend of investment in Q4 to 'hit the ground running' in Q1 • Staff costs increased y-o-y on incentives to drive underlying earnings and hiring for future growth particularly in international network and digital capabilities • Lower Depreciation and amortization reflects reduction in branches in 2020 • Other costs lower q-o-q reflecting higher campaign spend in Q4-21 coupled with lower legal and service fees • Cl ratio guidance revised to ‘within 33%' on higher income from anticipated rate rises Operating expenses composition (%) Breakdown as at Q1-22 Dep. & Amort. 11% Staff 61% Other 11% IT 5% Occupancy 3% Equip. & Supp. 2% Commun. 3% Service & Legal 3% Marketing 1% 19

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