Investor Presentaiton
DIRECTORS' REPORT
The Directors have pleasure in presenting their report together with the audited consolidated financial statements
of Emirates NBD Bank P.J.S.C. ("the Bank") and its subsidiaries (collectively known as "the Group") for the year
ended 31 December 2021.
The Bank was incorporated in the United Arab Emirates (the UAE) on 16 July 2007, pursuant to the approval from
the Central Bank of the UAE on 3 July 2007 to grant the Bank a banking license.
Basis of Preparation of Financial Statements
The Group consolidated financial statements have been prepared in accordance with IFRS issued by the
International Accounting Standards Board (IASB) and applicable requirements of the laws of the UAE.
Financial Commentary
The Group reported a consolidated profit (attributable to equity holders) of AED 9,298 million for the year 2021,
which represent an increase of 34 percent over 2020. The Group has continued to focus on:
Maintaining strong capital, liquidity and funding positions;
Delivering long term sustainable value for shareholders;
Growing international operations;
Maintaining a strong risk oversight whilst effectively managing cost of risk;
Investment in people with a focus on developing and deploying National talent in key senior and executive
positions;
Investment in IT transformation with a focus on innovation, analytics and digitalisation;
Continued operational resilience in providing full banking services during the global pandemic.
The diversified balance sheet and solid capital base remains a core strength of the Group. The Group used
this strength to support its customers, empowering them to benefit from the growing economy as Expo 2020
Dubai began. This strength is reflected in Moody's recent affirmation of Emirates NBD's ratings and improved
'Stable' Outlook, combined with the upgrade in DenizBank's credit ratings. International expansion continues with
additional branches in the Kingdom of Saudi Arabia, approval for further branches in India and strong results in
Turkey. The Group continues to diversify with 38% of income now coming from international operations.
Interest rates remain at record low levels, yet underlying business momentum is strong coupled with effective cost
management and a significant reduction in the cost of risk reflecting improved business sentiment. The Group's
strong results demonstrate financial resiliency and the success of its diversified business model. The Group's
balance sheet strengthened with further improvements in deposit mix, credit quality, capital and liquidity. Emirates
NBD continues to support businesses and customers recovering from the global pandemic, while investing in its
digital platform and its international network to drive future growth.
The outlook for the UAE economy is positive, with Expo 2020 Dubai predicted to boost domestic demand and the
easing of travel restrictions in key markets expected to support the recovery in tourism and hospitality. The UAE
economy has remained open thanks to the speed and success of the UAE's vaccination programme. With most of
the population fully vaccinated, and with one of the highest testing rates globally, the UAE continues to be a safe
and attractive destination for residents and visitors.
Group adjusted Earnings per Share was AED 1.38 (2020: AED 1.00).
The Group achieved a return on average tangible equity of 12.8 percent (2020: 9.5 percent) and a return on
average total assets of 1.3 percent (2020: 1.0 percent).
Equity and Note Holders' Funds
Total equity and note holders' funds as at the end of 2021 stands at AED 83,580 million (2020: AED 84,618 million).
Proposed Appropriations
The Directors also propose the following appropriations from retained earnings:
Retained earnings as at 1 January 2021
Group profit for the year (attributable to equity holders)
Other comprehensive income/(loss) for the year
Retained earnings available for appropriation
(a) 2020 Cash dividend paid during 2021
(b) Interest on Tier 1 Capital Notes
(c) Directors' fees for 2021
(d) Zakat
Balance of retained earnings as at 31 December 2021
Board and Board Committee meetings during 2021
Emirates NBD Board of Directors
H.H. Shaikh Ahmad Bin Saeed Al Maktoum
Mr. Hesham Abdulla Al Qassim
Mr. Salem Mohammed Obaidalla
Mr. Hussain Hassan Mirza Al Sayegh
Mr. Buti Obaid Buti Al Mulla
Mr. Shoaib Mir Hashim Khoory
Mr. Mohamed Hamad Obaid Khamis Al Shehi
H.E. Mohamed Hadi Ahmad Al Hussaini
Mr. Ali Humaid Ali Al Owais
Total Number of Emirates NBD Board Meetings: 6
Emirates NBD Board Executive Committee
Mr. Hesham Abdulla Al Qassim
Mr. Shoaib Mir Hashem Khoory
Mr. Mohamed Hamad Obaid Al Shehi
H.E. Mohamed Hadi Ahmed Al Hussaini
Mr. Ali Humaid Ali Al Owais
Total Number of Meetings: 20
Emirates NBD Board Audit Committee
Mr. Hussain Hassan Mirza Al Sayegh
Mr. Shoaib Mir Hashem Khoory
Mr. Mohamed Hamad Obaid Al Shehi
H.E. Mohamed Hadi Ahmed Al Hussaini
Mr. Salem Mohammed Obaidalla
Total Number of Meetings: 5
Chairman
Vice Chairman
Director
Director
Director
Director
Director
Director
Director
AED million
47,014.8
9,297.5
(34.9)
56,277.4
(2,524.3)
(592.2)
(31.0)
(41.7)
53,088.2
Chairman of the Committee
Member
Member
Member
Member
Chairman of the Committee
Member
Member
Member (Resigned on 27.9.2021)
Member
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EMIRATES NBD BANK PJSC - GROUP CONSOLIDATED FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31 DECEMBER 2021
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