Emirates NBD Digital Banking Innovation Update
Emirates NBD's profit rises 25% YoY to AED 9.1 bn
on strong diversified income growth
Highlights
Income
Liquidity
Risk
Expenses Capital
Divisional
10
(
Emirates NBD
Emirates NBD
DenizBank
Excluding DenizBank
Income Statement
All figures are in AED bn
9M'22
9M'21
Better /
(Worse)
9M'22 9M'21
Better /
(Worse)
9M'22 9M'21
Better /
(Worse)
Net interest income
15.5
12.6
23%
10.6
8.6
23% 4.9
4.0
24%
Non-funded income
7.2
4.7
52%
4.7
3.8
24%
2.5
0.9
164%
Total income
22.7
17.3
31%
15.3
12.4
23%
7.4
4.9
52%
Operating expenses
(6.4)
(5.7) (12)%
(4.7)
(4.0)
(16)%
(1.7)
(1.7)
(1)%
Pre-impairment operating profit
16.3
11.6
41%
10.6
8.4
26%
5.7
3.2
78%
Impairment allowances
(3.3)
(3.7) 12%
(2.4)
(2.4)
0% (0.8)
Tax and others
(1.5)
(0.6) (168)% (0.2)
(0.2)
(25)%
(1.3)
(1.3) 35%
(0.4) (221)%
Profit after tax & before
11.5
7.3
58%
8.0
5.8
38%
3.5
1.5
134%
hyperinflation
Hyperinflation adjustment
(2.4)
-
N/M
N/M
(2.4)
N/M
Net profit
9.1
7.3
25%
8.0
5.8
38%
1.1
1.5 (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
AED 1.1 bn net profit from DenizBank despite
AED 2.4 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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