For immediate release
Emirates NBD’s 9M’22 profit rises 25% to AED 9.1 billion
Strong growth in new lending and deposits
Dubai, 27 October 2022
Emirates NBD’s profits jumped 25% in the first nine months of 2022, close to the level reported for the
whole of 2021. Q3 profit was exceptionally strong at AED 3.8 billion, up 51% y-o-y, exceeding US$ 1 billion
equivalent. Another record quarter for retail lending and customer transactions, together with improving
margins, drove income 31% higher y-o-y. New corporate lending grew by AED 24 billion in the first nine
months of 2022 reflecting increased business optimism and the deposit mix further improved on strong
sector liquidity. Credit quality remains healthy reflecting the region’s strong economy with impairment down
12%. We are extremely well positioned to accelerate investment in our international and digital capabilities
to support further growth. Emirates NBD’s fully digital platform successfully provided an integrated ‘one-
stop’ solution for recent IPO subscriptions.
Key Highlights – First nine months of 2022
 Strong improvement in operating performance on record demand for retail financing and new
corporate lending, an improved deposit mix and a substantially lower cost of risk
• Total income up 31% y-o-y to AED 22.7 billion on improved loan and deposit mix with higher
interest rates feeding through to margins
• Net interest margin significantly rose to 3.10% and trending towards top end of guidance
• Expenses well controlled, as the Group accelerates investment in Advanced Analytics and
international network to drive future growth
• Impairment allowances substantially down 12% y-o-y reflecting robust operating environment
• Net profit of AED 9.1 billion up by a healthy 25% y-o-y
• Earnings per share up 28% to 138 fils, underlying up 63%
Page 1 of 8 Emirates NBD’s strength empowers its customers to benefit from a growing economy
• Total assets: up 5% at AED 721 billion
• Customer loans: steady as strong Retail and Islamic financing coupled with renewed demand for
corporate lending offset Sovereign repayments
• Deposit mix: CASA grew AED 18 billion in 9M’22 reflecting strong UAE liquidity, enabling the
Group to benefit from interest rates rises
• Credit quality: NPL ratio improved by 0.5% to 5.8% in 9M’22 on healthy writebacks and recoveries
as regional economies remain robust. Coverage ratio very strong at 142.6%
• Capital and Liquidity: 152% Liquidity Coverage Ratio and 15.5% Common Equity Tier-1 ratio
reflect the Group’s solid balance sheet, used to empower customers and create opportunities to
prosper
 Emirates NBD’s digital transformation enables agile delivery of new services and increased
straight through processing
• 30% market share: Emirates NBD and Emirates Islamic have a 30% market share of UAE Debit
and Credit Card spend, bigger than next three banks combined
• One million daily credit and debit card transactions: Emirates NBD process over 1 million
transactions per day, equivalent to 11 every second
• IPO: leading role in recent IPOs, delivering customers a fully digital, one-stop, seamless solution
• Digital: Launched the region’s most comprehensive and ready-to-use financial Application
Programming Interface (API) developer portal, providing FinTechs, developers and corporate
clients with an all-in-one ecosysterm to rapidly develop innovative financial solutions
• Egypt: Emirates NBD Egypt recorded 50% growth in the volume of e-transactions in 2022 as it
successfully harnesses the Group’s IT infrastructure
• International revenue diversifies income, representing 40% of total revenue
• Talent: Launched the second cohort of our elite graduate program, Ruwad, comprising more than
30 UAE Nationals. Participants successfully completed the University of Oxford’s Leadership
Development Program, enhancing the Group’s long-term leadership pipeline
Page 2 of 8Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
 “Emirates NBD’s profits jumped 25% y-o-y to AED 9.1 billion for the first nine
months of 2022, reflecting strong regional economic growth and the success of the
Group’s diversified business model.
 Emirates NBD played a leading role in the country’s recent IPOs, enabling new
and existing customers to access and trade shares on the Dubai Financial Markets.
 Emirates NBD continues to develop its pool of Emirati talent. More than 30 UAE Nationals successfully
completed the University of Oxford’s Leadership Development Program, enhancing the Group’s long-term
leadership pipeline.
 As a pioneer in Information Technology, we launched the region’s most comprehensive Application
Programming Interface developer portal, providing FinTechs, developers and corporate clients with an
all-in-one ecosystem to rapidly develop innovative financial solutions.”
Shayne Nelson, Group Chief Executive Officer said:
 “Emirates NBD delivered strong results with income rising 25% to AED 22.7 billion
on increased transaction volumes and higher margins from an efficient funding base
and higher interest rates.
 Net profit of AED 9.1 billion increased substantially by 25% y-o-y, almost reaching
the Group’s profit level for the whole of 2021.
 International operations provide diversification and growth opportunities, contributing 40% of total income.
 New lending increased substantially in both retail and renewed demand for corporate lending.
 Emirates NBD processes over 1 million credit and debit card transactions per day, equivalent to 11 every
second.
 Emirates NBD Egypt recorded 50% growth in e-transactions in 2022 as it successfully harnesses the
Group’s IT infrastructure.
 These strong results, healthy profitability and positive economic outlook for the region enable us to
accelerate our investment for future growth.”
Patrick Sullivan, Group Chief Financial Officer said:
 “We maintained strong income growth momentum, kept a firm control of costs and
are benefiting from writebacks and recoveries, reflecting a healthy regional economy.
 Net profit of AED 3.8 billion for Q3 was 51% higher y-o-y, and exceeds US$1 billion
equivalent.
 Liquidity in the UAE banking sector remains healthy, helped by the high oil price. In 2022, we grew CASA
balances by AED 18 billion, enabling the Group to benefit from interest rates rises.
 We expect to finish the year with margins at the top end of guidance and cost of risk within guidance.
 Non-funded income grew significantly, with substantial contributions from both Emirates NBD and
DenizBank, helped by an increase in transaction volumes and growth in customer FX and derivative
business.
 The diversified balance sheet, solid capital base and strong operating profitability are core strengths of
the Group.”
Page 3 of 8Financial Review
9-month period 9-month period Better /
AED billion
ended ended (Worse)
30-Sep-22 30-Sep-21 (%)
Net interest income 15.5 12.6 23%
Non-funded income 7.2 4.7 52%
Total income 22.7 17.3 31%
Operating expenses (6.4) (5.7) (12)%
Pre-impairment operating profit 16.3 11.6 41%
Impairment allowances (3.3) (3.7) 12%
Tax and others (1.5) (0.6) (168)%
Profit after tax and before hyperinflation 11.5 7.3 58%
Hyperinflation adjustment Tax and others (2.4) - n/m
Net profit 9.1 7.3 25%
Key Metrics
Cost to income ratio (%) 28.2% 33.1% 490 bps
Net interest margin (%) 3.10% 2.51% 59 bps
Cost of Risk (bps) 90 106 16 bps
EPS (AED) 1.38 1.08 0.30
Return on Tangible Equity (%) 16.4% 13.2% 320 bps
AED billion as at as at
Inc / (Dec)
30-Sep-22 31-Dec-21
Total assets 721 687 5%
Loans 419 422 (1)%
Deposits 481 456 5%
Key Metrics
NPL Ratio (%) 5.8% 6.3% (50) bps
Impaired Loan Coverage Ratio (%) 142.6% 127.5% 1,510bps
Liquidity Coverage Ratio (%) 152.2% 177.6% (2,540) bps
Capital Adequacy Ratio (%) 18.5% 18.3% 20 bps
Tier 1 Ratio (%) 17.4% 17.2% 20 bps
Common Equity Tier 1 Ratio 15.5% 15.1% 40 bps
Rounding differences may appear throughout the document
Page 4 of 8Operating Performance
Total income for 9M’22 was up 31% y-o-y to AED 22.7 billion. Net interest income was up 23% y-o-y on
improved loan and deposit mix with higher rates feeding through to margins. Further CASA growth
improved funding costs and the balance sheet is well positioned to continue benefiting from rate rises.
Non-funded income was up 52% y-o-y from increased local and international card transactions, coupled
with growth in FX & Derivative income.
Expenses remain well controlled and within guidance. Higher income enables accelerated investment in
Advanced Analytics and the international network to drive future growth.
Impairment allowances in 9M’22 were substantially down
9M 2022
12% y-o-y reflecting higher recoveries and writebacks and
3.3
the improving operating environment, with 90 bps cost of 3.7 Net profit
risk within guidance.
7.3
9M 2021 9.1 Costs
Provisions
6.4 5.7
Balance Sheet Trends
Dec-21 Sep-22
Lending was stable in the first nine months of 2022 as solid
loan growth for Corporate, Retail, Emirates Islamic and
481
DenizBank offset strong Sovereign repayments. 422 419
457
Deposit mix improved in 9M’22 with AED 18 billion growth in
CASA enabling the Group to benefit further from interest rate
rises. Loans Deposits
Liquidity remains strong with the Liquidity Coverage Ratio at 152.2%
and the Advances to Deposits Ratio at 87.2%.
During the first nine months of 2022, the Non-Performing Loan
Dec-21 Sep-22
ratio improved by 0.5% to 5.8% on significant writeback and
18.3% 18.5%
recoveries whilst the Coverage ratio strengthened to 142.6%,
demonstrating the Group’s continued prudent approach towards
15.5%
15.1%
credit risk management.
As at 30 September 2022, the Group’s Common Equity Tier 1 ratio
is 15.5%, Tier 1 ratio is 17.4% and Capital Adequacy ratio is CAR CET-1
18.5%.
Page 5 of 8Business Performance
 Retail Banking and Wealth Management (RBWM) continued its excellent performance with its
highest ever nine-month revenue, strongest ever acquisition of loans and credit cards, and a record
growth in balance sheet.
- Lending increased by AED 6.5 billion, whilst CASA grew by a record AED 20 billion in first nine
months of 2022
- Launched the Emirates NBD Etihad Guest Credit Card offering one of the highest Etihad Guest
earning and reward opportunities in the market as well as a 5-year strategic partnership with RSA
Middle East covering general insurance products
- Successfully launched a series of UAE Strategic Investment Funds supporting investments into
IPOs in UAE
- Extended tablet banking to credit cards allowing customers to apply for bundled products, and get
instant credit decisioning
- Launched DEWA, TECOM and Salik IPO portal on the Emirates NBD website with real time direct
integration with DFM for new investors
 Corporate and Institutional Banking (C&IB) capitalised its strategic partnership with major
Government entities and Corporates by further offering digitized service platforms.
- Launched state-of-the-art fully digital platform to manage end-to-end IPO subscription website
offering real-time on-boarding
- Implemented cutting-edge new platform for businessONLINE
- Net Profit is 1% higher on lower impairment allowances and higher fee income as increased equity
capital market activity offsetting lower debt capital market volumes
- Strong growth in new lending offset substantial contractual repayments
- Funding costs improved on CASA growth and retirement of expensive deposits
 Global Markets and Treasury (GM&T) delivered a strong performance with income growing 136%
y-o-y in 9M’22 mainly due to higher net interest income from balance sheet positioning, hedges and an
increase in banking book investment income.
- Non funded income was 69% higher with a significant performance delivered by Rates, Credit and
Foreign Exchange Trading
- International Treasury functions made a significant contribution, growing revenue by 75% y-o-y
- Robust client FX flows seen with revenue increase of 70% during the first nine months of 2022
 Emirates Islamic’s net profit jumped 31% to AED 1,054 million for 9M’22 on higher funded and non-
funded income with a significant reduction in the cost of risk reflecting improved business sentiment.
 DenizBank income up by AED 2.5 billion (52%) and Impairment allowances AED 0.5 billion lower on
strong writebacks and recoveries helping offset AED 2.4 billion hyperinflation adjustment.
Page 6 of 8Outlook
The outlook for the Middle East remains positive despite the weak global backdrop. Higher oil prices in
2022 have pushed GCC budgets into surplus and strengthened sovereign balance sheets. Emirates NBD
Research revised up its UAE GDP growth forecast for 2022 to 7.0% whilst revising down their 2023 forecast
to 3.9% on the weaker global backdrop, a stronger US dollar and higher borrowing costs.
Inflation in many countries continues to remain at multi-decade highs, leading to global interest rates rising
at a faster pace than had been earlier anticipated.
Egypt and Turkey have seen a strong surge in services inflow and tourism revenue offsetting some of the
impact from rising energy costs on the current account deficit.
-ENDS-
Awards:
Best Bank and Best Regional Bank Awards – Emirates NBD
 Emirates NBD has ranked as a Market Leader in Corporate Banking, ESG and Investment Banking
categories and as Highly Regarded in the Digital Solutions category within Euromoney Market
Leaders
 Emirates NBD ranked 2nd in Tier One Capital and 2nd by Total Assets by The Banker Top 100
Arab Bank Rankings 2022
 Emirates NBD won ‘Best Bank in the UAE’ by Global Finance World’s Best Banks 2022 Awards
 Emirates NBD won ‘Best Innovation in Retail Banking’, ‘Best Domestic Private Bank in the UAE’
and ‘Best Bancassurance Implementation’ by MEA Finance Awards 2022
 Emirates NBD won the ‘Best Foreign Bank in KSA’ and the ‘Best Credit Card in KSA’ award at the
2021 International Finance Awards
 Emirates NBD won Best AI Use-Case in the Private Sector for the Banking segment at the World
AI Show & Awards
 Emirates NBD won ‘Best Use of Big Data in Customer Strategy’ at the Retail Banker International
Asia Trailblazer Awards 2022
 Emirates NBD Private Banking won ‘Outstanding NRI/Global Indians Offering’ by Private Banker
International Global Wealth Awards 2022
 Emirates NBD Capital won ‘Structured Finance Bank of the Year’, ‘Islamic Syndication House of
the Year’ and 8 deal awards by Bonds, Loans & Sukuk Middle East Awards 2022, and ‘Saudi
Arabia Deal of the Year’, ‘Hybrid Deal of the Year’, ‘Kuwait Deal of the Year’, ‘Sovereign &
Multilateral Deal of the Year’ and ‘Turkey Deal of the Year’ by Islamic Finance News 2022 Awards
Marketing, Social Media and Customer Engagement Awards – Emirates NBD
 Emirates NBD was named the UAE’s most valuable banking brand and MENA’s third most
valuable banking brand, with a value of USD 3.6 billion, in The Banker’s 2022 brand valuation
 Emirates NBD won ‘Excellence in Customer Service Innovation’ in the Strategy Awards category
at the Digital CX Awards 2022 by The Digital Banker
Emirates Islamic
 Emirates Islamic was named ‘Best Islamic Bank in UAE’, ‘Best Islamic Bank for Customer
Experience’ and ‘Best Credit Card in UAE’ for its Etihad Guest Credit Cards at the World Finance
Islamic Finance Awards 2022
Emirates NBD has a leading retail banking franchise, with 885 branches and 4,113 ATMs / SDMs in the UAE and overseas. It is a
major player in the UAE corporate and retail banking arena, and has strong Islamic banking, investment banking, private banking,
asset management, global markets & treasury and brokerage operations. The bank has operations in the UAE, Egypt, India, Turkey,
the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Bahrain, Russia and representative offices in China
and Indonesia. For more information, please visit: www.emiratesnbd.com
Page 7 of 8For more information:
Ibrahim Sowaidan Patrick Clerkin
SVP, Head - Group Corporate Affairs Senior Managing Director, Group Funding & Investor Relations
Emirates NBD Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937 Telephone: +971 4 609 3007
e-mail: ibrahims@emiratesnbd.com e-mail: IR@EmiratesNBD.com / PatrickE@EmiratesNBD.com
This document has been prepared by Emirates NBD Bank PJSC (ENBD) for information purposes only. The information, statements and opinions contained in this document do
not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or
recommendation with respect to such securities or other financial instruments. This document is not intended for distribution in any jurisdiction in which such distribution would
be contrary to local law or reputation. The material contained in this press release is intended to be general background information on ENBD and its activities and does not
purport to be complete. It may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to
the accuracy, completeness or reliability of the information. It is not intended that this document be relied upon as advice to investors or potential investors, who should consider
seeking independent professional advice depending on their specific investment objectives, financial situation or particular needs. In the event that the press release contains
any pro forma financial information on ENBD, that information has been prepared for illustrative purposes only, may address a hypothetical situation and may not give a true
picture of the financial performance of the ENBD group. Furthermore, any pro forma financial information may only be meaningful where read in conjunction with the historical
audited consolidated financial statements of ENBD. Unless expressly disclosed to the contrary, any pro forma financial information has been compiled based on the accounting
policies of the group as disclosed in its most recent consolidated financial statements. This document may contain certain forward-looking statements with respect to certain of
ENBD’s plans and its current goals and expectations relating to future financial conditions, performance and results. These statements relate to ENBD’s current view with respect
to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond ENBD’s control and have been made based upon
management’s expectations and beliefs concerning future developments and their potential effect upon ENBD. By their nature, these forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are beyond ENBD’s control, including, among others, the UAE domestic and global economic and
business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact
of competition, the timing impact and other uncertainties of future acquisition or combinations within relevant industries. As a result, ENBD’s actual future condition, performance
and results may differ materially from the plans, goals and expectations set out in ENBD’s forward-looking statements and persons reading this document should not place
reliance on forward-looking statements. Such forward-looking statements are made only as at the date on which such statements are made and ENBD does not undertake to
update forward-looking statements contained in this document or any other forward-looking statement it may make.
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Sentiment: neutral