Emirates NBD Q1 2023 Earnings Report
Q1-23
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
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