Investor Presentaiton

7 CHAIRMAN'S MESSAGE The UAE banking sector performed well in 2022, benefitting from an increase in economic activity supported by elevated oil prices, normalising non-oil activity and higher interest rates. Despite the challenging global macroeconomic environment, the International Monetary Fund (IMF) said Gulf economies grew at the fastest pace in nearly a decade and our Research unit estimate the UAE's GDP grew 7.6% in 2022, positively impacting banks. As tourism and travel rebounded strongly, the UAE's non-oil economy grew by 5.6%, which in turn supported growth across a range of other service sectors. Multiple indicators point to an increase in population in the UAE that have also contributed to stronger domestic demand. Taking advantage of the promising landscape in the UAE, Emirates NBD Group (the Group) empowered customers to benefit from this strong economic growth in 2022. This helped the Group deliver strong financial results with net profit up 40% to AED 13 billion, supported by record demand for retail financing and AED 50 billion of new corporate lending, AED 20 billion growth in Current and Savings Accounts (CASA), improving margins and a substantially lower cost of risk, demonstrating the strength of the Group's diversified business model. The Group strengthened its balance sheet with an improvement in capital, liquidity and credit quality ratios. We remain grateful to the nation's leaders for their strategic vision and proactive actions to grow the economy even amid external headwinds and uncertainty. The UAE's continuous development of business-friendly reforms has made Dubai and the UAE a global leader in international competitiveness and reaffirmed Dubai's status as a global trade and investment hub. As a homegrown bank, Emirates NBD has always aligned its business model and corporate values to those of the UAE government. Under the wise and progressive guidance of our founding fathers and rulers, we have grown to become a global leader and innovator in financial services. Emirates NBD is dedicated to supporting the growth of the UAE's financial sector and wider economy in line with the ambitions of our nation's visionary leadership. Empowering UAE National talent in realising their full potential and contributing positively to the country's development is a top priority for the Group and we are proud to be among the UAE's largest employers of Emiratis. In response to the government's federal Emiratisation action plan, Emirates NBD successfully further increased its UAE Nationals headcount by 9% year-on-year (y-o-y). Additionally, with recent strategic changes to our management team, 70% of our Group Executive Management team in the UAE are now Emiratis. As the Group continues to make strides towards sustainability, we have appointed our first Head of Environmental, Social and Governance (ESG) in 2022, reporting to the Group CEO, further demonstrating our commitment to developing sustainable and innovative banking. Our continued commitment to providing a superior customer experience and our constant digital agility underpinned our strong performance through the year. We remain highly focused on advancing the pace of digital transformation as a key enabler of our growth. For 2023, our approach is cautious and pragmatic, although we expect the Gulf region to grow faster than many developed economies. We also expect inflation challenges to slow and recent structural reforms, including the expansion of longer-term residency visas, will continue to drive investment and attract both human and financial capital to the UAE. Looking ahead, as we begin a new financial year, Emirates NBD is confident in maintaining our position as the strongest bank in the UAE. The Group is well positioned to utilise our solid franchise and balance sheet to enable our customers to take advantage of growth opportunities in our preferred markets. In conclusion, I would like to thank H.H. Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi and H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for their farsighted leadership and unending ambition. I would also like to thank Emirates NBD Group's Board of Directors, members of the Executive Committee and our employees for their unwavering contribution towards our success. I also wish to extend gratitude to our customers and shareholders for their continued support and trust. Emirates NBD Looking to the Future with Confidence H.H. SHEIKH AHMED BIN SAEED AL MAKTOUM CHAIRMAN EMIRATES NBD ANNUAL REPORT 20 8

View entire presentation