The UAE bank attributed this performance to several key factors, including a robust increase in loans, a low-cost funding base, and effective collections. According to the bank, lending volumes rose 9% in the first nine months of 2024, with growth across all business units and international locations, enabling an upward revision of the lending guidance.
Significantly, the expansion of Emirates NBD’s Saudi branch network—now comprising 19 branches and 59 dedicated ATMs—contributed to a 49% increase in loans in the Kingdom during the same period. Additionally, total deposits soared by Dh60 billion ($16.3 billion), bolstered by a Dh33 billion ($8.9 billion) rise in current and savings accounts.
The bank’s innovative digital wealth management platform has also played a crucial role, pushing assets under management past the $40 billion mark. The platform now offers a diverse range of products, including fractional bonds, sukuks, stocks, and mutual funds.
For the third quarter alone, Emirates NBD reported net profits of AED 5.23 billion ($1.4 billion), unchanged from the same period last year.
Established in 2007 through the merger of Emirates Bank International and National Bank of Dubai, Emirates NBD now operates over 859 branches across the Middle East, North Africa, and Turkey. The bank has earned recognition as the sixth largest bank in the Middle East by market value, according to Forbes’ 2024 rankings. It’s operations span the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Bahrain, and Russia, alongside representative offices in China and Indonesia.
