Building the Bank of The Future
AED 21.5 bn record profit rises 65% y-o-y on strong
diversified income growth and healthy recoveries
Income Statement
(All figures are in AED bn)
Emirates NBD
60 years together
1601
FY'23
FY'22
%A YOY
Q4-23
%A YOY
%A QOQ
Key Highlights
Net interest income
30.1
23.2
30%
7.8
2%
Non-funded income
12.9
9.3
39%
2.5
18%
Total income
43.0
32.5
32%
10.3
5%
Operating expenses
(11.7)
(9.3)
26%
(3.3)
17%
(31)%
(10)%
15%
Operating profit
31.3
23.3
35%
7.0
(18)%
before impairment
Impairment allowances
(3.4)
(5.2)
(33)%
(1.9)
1%
252%
Profit before tax & others
27.9
18.1
54%
5.0
(37)%
Hyperinflation adjustment
(4.2)
(3.1)
37%
(1.1)
55%
Tax
(2.1)
(2.0)
9%
0.1
(117)%
Profit
21.5
13.0
65%
4.0
3%
(41)%
(108)%
(23)%
Cost: income ratio
27.2%
28.5%
(1.3)%
32.4%
3.3%
NIM
3.95%
3.43%
52 bps
3.81%
(59) bps
Balance Sheet
31-Dec-23 31-Dec-22
%A YOY
30-Sep-23
%A QOQ
Total Assets
863
742
16%
836
3%
Total Gross Loans
481
456
5%
494
(3)%
•
Deposits
585
503
16%
570
3%
CET-1
14.9%
15.4%
(0.5)%
16.9%
(2.0)%
LCR
210%
182%
28%
190%
20%
7.1%
(27) bps
Group profit up 65% on strong diversified income
growth and healthy recoveries
- ENBD income higher from asset growth, improving
loan portfolio and stable funding mix, increased
margins and higher transaction volumes
DenizBank income higher from loan growth, hedges &
swaps and increased customer transaction volumes,
offsetting higher funding costs from rising interest
rates
NIMS within guidance and 3.8-4.0% guidance range
maintained for 2024
NPLs improved to 4.6% on strong recoveries,
writebacks and write-offs in a healthy operating
environment
16% asset growth to AED 863 bn
AED 30 bn CASA growth as Total Deposits grew AED 82
bn
Retail lending continuing strong growth momentum, and
Corporate advancing AED 70 billion of new lending
AED 1.6 bn profit contribution from DenizBank despite
challenging operating environment
NPL ratio
4.6%
6.0%
(1.4)%
5.5%
(0.9)%
Rounding differences may appear throughout the presentation
17View entire presentation