Emirates NBD Digital Banking Innovation Update
Highlights
Income
Liquidity
Risk
Expenses Capital
Divisional
10
(
9M'22 results -convenience translation to US$
Emirates NBD
Emirates NBD
DenizBank
Excluding DenizBank
Income Statement
9M'22
9M'21
All figures are in USD bn
Better /
(Worse)
9M'22 9M'21
Better /
(Worse)
9M'22 9M'21
Better /
(Worse)
Net interest income
4.2
3.4
23% 2.9
2.4
23%
1.3
1.1
24%
Non-funded income
2.0
1.3
52%
1.3
1.0
24%
0.7
0.3
164%
Total income
6.2
4.7
31%
4.2
3.4
23%
2.0
1.3
52%
Operating expenses
(1.7)
(1.6)
(12)% (1.3)
(1.1)
(16)% (0.5)
(0.5)
(1)%
Pre-impairment operating profit
4.4
3.2
41%
2.9
2.3
26%
1.6
0.9
78%
Impairment allowances
(0.9)
(1.0)
12% (0.7)
(0.7)
0%
(0.2)
Tax and others
(0.4) (0.2) (168)%
(168)% (0.1)
(0.0)
(25)%
(0.4)
(0.4) 35%
(0.1) (221)%
Profit after tax & before
hyperinflation
3.1
2.0
58%
2.2
1.6
38%
1.0
0.4
134%
Hyperinflation adjustment
(0.7)
-
N/M
N/M
(0.7)
-
N/M
Net profit
2.5
2.0
25%
2.2
1.6
38%
0.3
0.4 (25)%
Cost: income ratio
NIM
28.2% 33.1% (4.9)% 30.8% 32.6% (1.8)% 22.8% 34.2% (11.4)%
3.10% 2.51% 0.59% 2.53% 2.11% 0.42% 6.04% 4.28% 1.76%
Key Highlights
Group profit up 25% on strong diversified income
growth
-
ENBD income higher from improving transaction
volumes and increased margins
DeinzBank income higher from increased lending,
wider margins and hedging
Lower provisions as 90bp cost of risk for 9M'22 reflects
robust operating environment
USD 0.3 bn net profit from DenizBank despite
USD 0.7 bn hyperinflation adjustment
Accelerating investment in international growth and
digital
Higher NIMS reflect rising interest rates and an
improvement in DenizBank margins
Strong new lending to retail and corporates helping
offset sovereign repayments
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