Emirates NBD, Dubai’s largest lender, reported a 15% increase in profit before tax to a record Dh27.1 billion in 2024, driven by regional expansion and advancements in wealth management. The bank’s income exceeded Dh44 billion during the year, fueled by strategic investments in digital banking and an expanded branch network. This diversification generated substantial new revenue streams, with all business units delivering robust results. The bank provided Dh160 billion in new loans, driving a 16% increase in assets while maintaining a one-third market share in UAE credit cards.
Record Achievements Across Business Units
Emirates NBD Capital, a key player in UAE IPOs, achieved its highest-ever revenue in 2024, marking its busiest year for transactions. Emirates Islamic also delivered a record profit of Dh2.8 billion, solidifying its position as a leading Islamic banking institution in the UAE.
The bank’s strategic expansion in Saudi Arabia resulted in a 57% growth in its loan book, significantly contributing to its overall performance. Additionally, the Retail Banking & Wealth Management division saw a 30% rise in lending, supported by record customer acquisitions and successful deposit campaigns.
Leadership Highlights Strategic Growth
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, highlighted the 57% loan growth in Saudi Arabia as a key achievement, enabled by the addition of 21 branches and 62 ATMs. He emphasized the bank’s commitment to growth, diversification, and resilience, expanding its footprint across the MENAT region and beyond. Sheikh Ahmed also projected Dubai’s GDP to grow by 5% in 2025, driven by key sectors like infrastructure, transport, and logistics, with Emirates NBD poised to support this growth. In recognition of the bank’s strong performance, a 100 fils dividend has been proposed.
Focus on Digital Transformation and Private Banking
Hesham Abdulla Al Qassim, vice chairman and managing director, attributed the Dh44 billion income to the bank’s investments in digital banking and regional expansion. With 98% of customers onboarded digitally, the bank has positioned itself as a leader in Private and Priority Banking, offering a market-leading product range to the growing affluent population.
Emirates NBD Capital priced over 100 sukuks and bonds in 2024 and led multiple national IPOs, further cementing its leadership in investment banking. The corporate segment originated Dh88 billion in gross new loans, with two-thirds allocated to the private sector, leveraging the bank’s regional presence.
Sustainable Growth and Advanced Technology
Shayne Nelson, group CEO, credited the record-breaking income and profit to targeted growth areas, including private banking, wealth management, and regional corporate services. The enhanced Digital Wealth platform drove assets under management to over $44 billion, with digital transactions increasing ninefold in 2024. Emirates NBD also holds the global record for the highest number of LEED Platinum-certified branches and is recognized as a regional leader in sustainable banking solutions.
The bank’s adoption of Generative AI has furthered its ability to identify trade opportunities, expand merchant services, and enhance transaction monitoring using machine learning. Nelson concluded by stating that Emirates NBD’s digital investments and expanded network have positioned the bank to capitalize on a thriving regional economy.
