Dubai – Mubasher: Emirates NBD reported a 92% year-on-year (YoY) surge in net profit to AED 17.49 billion during the first nine months (9M) of 2023, versus AED 9.09 billion.

Total operating income hiked by 44% YoY to AED 32.71 billion in January-September 2023 from AED 22.69 billion, according to the unaudited financial results.

Meanwhile, the earnings per share (EPS) enlarged to AED 2.71 in 9M-23 from AED 1.38 in 9M-22.

As of 30 September 2023, the total assets rose by 16% YoY to AED 836 billion from AED 721 billion, while the deposits grew by 19% YoY to AED 570 billion from AED 481 billion.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, the UAE-based lender logged net profits amounting to AED 5.23 billion, higher by 38% than AED 3.78 billion a year earlier.

Total operating income surged by 35% to AED 11.43 billion in Q3-23 from AED 8.48 billion in Q3-22, while the EPS went up to AED 0.81 from AED 0.53.

On a quarterly basis, the Q3-23 profits retreated by 16% from the AED 6.20 billion announced in Q2-23, while the total income increased by 6% from AED 10.80 billion.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, commented: “We expanded our branch network to 13 in Saudi Arabia which is helping drive a 26% YoY increase in lending across corporate and retail banking.”

“We boosted lending to small and medium enterprises (SMEs) by 34% in the UAE, supporting this important sector and bedrock of the economy,” Al Qassim highlighted.

The Group CEO of Emirates NBD, Shayne Nelson, said: “We successfully rolled out the ENBD X mobile banking app using the latest technology, security, and user experience trends, propelling it to the number one banking app in the region.”