Emirates NBD Hyperinflation and Financial Performance Review
Divisional Performance
Operating Segment
Metrics
H1-23
H1-22
%A YOY
Income (mn)
7,948
5,670
40%
Expense (mn)
1,974
1,595
24%
Retail Banking and
Profit (mn)
4,227
3,619
Wealth Management
17%
.
Loans (bn)
107
91
17%
Deposits (bn)
282
237
19%
Income (mn)
4,097
3,006
36%
Expense (mn)
337
311
8%
Corporate and
Institutional Banking
Profit (mn)
4,060
1,878
> 100%
Loans (bn)
306
306
(0)%
Deposits (bn)
194
177
9%
Income (mn)
2,074
453
> 100%
Global Markets and
Expense (mn)
98
88
11%
Treasury
Profit (mn)
1,963
291
> 100%
Income (mn)
5,419
4,715
15%
Expense (mn)
1,657
1,102
50%
DenizBank
Profit (mn)
1,900
569
> 100%
Loans (bn)
67
66
1%
Deposits (bn)
80
73
10%
Key Highlights
Retail Banking and Wealth Management had an excellent first half with highest ever revenue,
strongest ever acquisition of loans and a substantial growth in balance sheet
Robust business momentum continues with loan origination up 23 % y-o-y and Credit Card
acquisitions up 31% y-o-y
One-third market share of UAE Credit Card spend as card spends grew 30% y-o-y
Lending increased by a record AED 12 bn and Deposits grew by AED 24 bn in first half of 2023
Income grew 40% y-o-y as RBWM delivered its highest ever half yearly revenue and non-
funded income
'ENBD X' enhanced mobile banking app rolling out, delivering a new standard in customer
service
Liv refreshed, offering Gen Now an exciting all-purpose digital-banking companion
Corporate and Institutional Banking capitalized its strategic partnership with major
Government entities and Corporates by enhancing digitized service platforms
Profitability jumped 116% on increased customer hedging, higher Trade Finance, CASA and
Investment Banking income and strong recoveries
Strong new lending and CASA growth
ENBD Securities provides digital onboarding and instant trading access on ADX's
Business Online services expanded and launched in India & KSA
Global Markets and Treasury delivered an outstanding performance, contributing AED 2 billion
in revenue during the first half of 2023
•
Income rose fivefold driven by favorable Balance Sheet positioning coupled with a significant
increase in banking book investment income
Emirates NBD took the lead in offering carbon futures trading ahead of COP28, empowering
customers to offset their carbon emissions.
The product offering was further enhanced with real-time FX rates now available to customers
The trading desk delivered another solid performance despite volatile market conditions
Sales revenue increased by 54% with income from structured products growing by 63%
DenizBank
Profit up 234% to AED 1.9 billion helped by higher income and strong recoveries
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