Emirates NBD Economic Environment and Business Outlook
Financial Results Highlights H1 2023
Emirates NBD
160
Emirates NBD
Excluding DenizBank
1601
DenizBank
Income Statement
H1-23
H1-22 %ΔΥΟΥ Q2-23
%A QOQ
H1-23
H1-22
%A YOY
Q2-23
%A QOQ
H1-23
H1-22
%A YOY
Q2-23
%A QOQ
(All figures are in AED bn)
Net interest income
14.4
9.4
53%
7.2
1%
12.0
6.4
87%
6.2
5%
2.4
3.0
(20)%
1.1
(21)%
Non-funded income
6.9
4.8
44%
3.6
10%
3.9
3.1
26%
1.8
(11)%
3.0
1.7
77%
1.8
44%
Total income
21.3
14.2
50%
10.8
3%
15.9
9.5
67%
8.0
1%
5.4
4.7
15%
2.8
10%
Operating expenses
(5.5)
(4.1)
34%
(2.8)
7%
(3.8)
(3.0)
28%
(2.1)
19%
(1.7)
(1.1)
50%
(0.8)
(17)%
Operating profit
15.8
10.1
56%
8.0
2%
12.1
6.5
85%
5.9
(4)%
3.8
3.6
4%
2.1
24%
before impairment
Impairment allowances
(0.9)
(1.9)
(50)%
(0.5)
1%
(1.6)
(1.6)
(5)%
(0.6)
(28)%
0.6
(0.2)
(345)%
0.2
(61)%
Profit before tax & others
14.9
8.3
80%
7.5
2%
10.5
4.9
115%
5.3
1%
4.4
3.4
30%
2.3
7%
Hyperinflation adjustment
(1.4)
(1.9)
(28)%
(0.5)
(37)%
0.0
0.0
0.0
(1.4)
(1.9)
(28)%
(0.5)
(37)%
Tax
(1.3)
(1.1)
19%
(0.8)
56%
(0.2)
(0.1)
14%
(0.1)
(15)%
(1.1)
(0.9)
20%
(0.7)
70%
Profit
12.3
5.3
130%
6.2
4%
10.4
4.7
118%
5.2
1%
1.9
0.6
234%
1.0
19%
Cost: income ratio
25.6%
28.7%
NIM
3.96%
2.86%
(3.1)%
110 bps
26.0%
3.87%
0.7%
(18)bps
24.0%
31.4%
3.98%
2.31%
(7.4)%
167 bps
25.9%
1.9%
30.4%
23.1%
7.3%
26.3%
(8.7)%
3.93%
(1) bps
4.05%
5.72%
(167) bps
3.54%
(103) bps
Balance Sheet
30-Jun-23 31-Dec-22 %A YTD 31-Mar-23 %A QoQ
30-Jun-23 31-Dec-22 %A YTD 31-Mar-23 %A QoQ
30-Jun-23 31-Dec-22 %A YTD 31-Mar-23 %A QoQ
Total Assets
811
742
9%
782
4%
686
618
11%
648
6%
125
124
1%
134
(7)%
Total Gross Loans
479
456
5%
470
2%
412
387
7%
396
4%
67
69
(4)%
73
(9)%
Deposits
556
503
11%
538
3%
476
421
13%
449
6%
80
82
(2)%
89
(10)%
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