Emirates NBD Digital Banking Innovation Update
Quarterly profits exceed US$ 1bn equivalent
Highlights
Income
Liquidity
Risk
Expenses Capital Divisional
Income Statement
Better /
Q3-22
Q3-21
Q2-22
All figures are in AED bn
(Worse)
Better/
(Worse)
Net interest income
6.1
4.4
37%
5.1
18%
•
Non-funded income
2.4
1.3
83%
2.7
-9%
Total income
8.5
5.8
47%
7.8
9%
•
Operating expenses
(2.3)
(2.0)
(19)%
(2.1)
(12)%
Pre-impairment operating profit
6.2
3.8
62%
5.7
8%
Impairment allowances
(1.4)
(1.1)
(25)%
(0.5)
(199)%
Tax and others
(0.5)
(0.2)
(141)%
(0.7)
37%
Profit after tax and before hyperinflation
4.3
2.5
72%
4.5
(4)%
Hyperinflation adjustment
(0.5)
0.0
n/m
(1.0)
47%
Net profit
3.8
2.5
51%
3.5
8%
Cost: income ratio
27.4%
34.0%
6.6%
26.7%
NIM
3.57%
2.65%
0.92%
3.09%
(0.7)%
0.48%
●
Key Highlights
•
Strong Q3-22 with net profit exceeding US$1 bn
equivalent, an increase of 51% y-o-y on higher income
Net interest income up 37% y-o-y on improved loan &
deposit mix
Higher interest rates feeding through to margins
Strong new lending growth
Non-funded income up 83% y-o-y from increased
transaction activity
Increased local and international card transactions
Growth in client flow FX & Derivative transaction.
income
Expenses well controlled in Q3-22 with positive jaws
Group accelerating investment in international and
digital
Q3-22 cost of risk 111 bps within guidance
Healthy new lending on continued strong retail and
renewed corporate lending demand
Group maintains strong Capital and Liquidity with
coverage ratio highest amongst regional peers
Balance Sheet
All figures are in AED bn
30-Sep-22 31-Dec-21
Inc/
(Dec)
30-Jun-22
Inc/
(Dec)
Total assets
721
687
5%
711
1%
•
Loans
419
422
(1)%
425
(1)%
Deposits
481
456
5%
468
3%
CET-1 (%)
15.5%
15.1%
0.4%
15.0%
0.1%
.
LCR (%)
152.2%
NPL ratio (%)
5.8%
177.6%
6.3%
(25.4)%
(0.5)%
154.8%
(2.6)%
6.1%
(0.3)%
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