Emirates NBD Economic Environment and Business Outlook
NIMs within guidance range on collective impact of
rate rises, loan & deposit mix and Turkish operating environment
Net Interest Margin (%)
Quarterly NIM
YTD NIM
Key Highlights
4.40
4.05
3.96
•
4.05
H1-23 NIM up 110 bps y-o-y due to improved loan & deposit mix and higher interest
rates
3.87
3.57
3.09
3.43
2.60
3.10
2.89
2.86
•
2.65
2.53
2.60
1.75%
0.25%
0.25%
0.50%
1.75%
3.25%
4.50%
Fed Funds Upper Bound
5.00%
5.25%
Q2-23 NIM down 18 bps q-o-q on DenizBank NIM contraction as expected (regulatory
impact and increased interest rates), partially offset by higher ENBD margins (improved
business mix and higher interest rates)
Guidance maintained at 3.8-4.0% on collective impact of rate rises, loan & deposit mix
and Turkish operating environment
2019
2020
2021 Q1-22 Q2-22
Q3-22 Q4-22
Q1-23
Q2-23
NIM drivers H1-23 vs H1-22 (%)
NIM drivers Q2-23 vs Q1-23 (%)
2.86
3.44
(1.03)
(0.79)
(0.53)
3.96
0.28
4.05
3.87
(0.24)
(0.05)
(0.17)
H1-22
Loan Yield Deposit Cost
Treasury
& Other
DenizBank
H1-23
Q1-23
Loan Yield
Deposit Cost
Treasury
& Other
DenizBank
Q2-23
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