Emirates NBD Economic Environment and Business Outlook

Costs firmly controlled with focus on future growth Cost to Income Ratio (%) 29.1% 28.7% 28.2% 28.5% 27.4% 26.7% Q2-22 25.3% 26.0% 25.6% 25.3% Q3-22 Q4-22 Q1-23 Q2-23 CI Ratio (Quarterly) Upper Guidance range CI Ratio (YTD) Operating expenses trends (AED m) 36% 2,858 2,817 2,642 2,327 857 794 2,078 620 Other Cost 499 457 219 219 211 177 268 236 178 IIT & Commun. 175 255 208 Dep. & Amort. ■Staff Cost 1,238 1,396 1,514 1,567 1,634 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 • Key Highlights H1-23 cost to income ratio at 25.6% comfortably within guidance as continued acceleration of investment for growth supported by higher income. Staff costs increased y-o-y to deliver strong business growth and investment in human capital for future growth in digital and international Other costs increased q-o-q on higher service, legal and professional fees, an increase in VAT associated with higher business volumes and social contributions Operating expenses composition (%) Breakdown as of H1-23 0 Staff 58% Other 18% Depreciation 6% IT 4% Occupancy 3% Communication 3% Service & Legal 3% Equip. & Supp. 2% Marketing 2% Amortization 0% 23

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