For immediate release
Emirates NBD’s Q1 2023 profit more than doubles to a record AED 6 billion
Quarterly income surpasses AED 10 billion for the first time
Dubai, 27 April 2023
Emirates NBD’s profit more than doubles to a record AED 6 billion in the first quarter of 2023, demonstrating
the success of the Group’s diversified business model and a healthy regional economy. This is also a
record quarter for income which exceeds AED 10 billion for the first time ever. The exceptional increase in
profit reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries.
Healthy sector liquidity helped deposits grow by AED 35 billion or 7% including a further AED 19 billion
increase in Current and Savings Accounts, supporting a 3% increase in lending and impressive asset
growth. Credit quality improved due to substantial recoveries reflecting the region’s growing economy with
impairment charge down 66%. Every business unit delivered higher income and improved profitability. We
have launched new digital products and services and recharged our strategy within our international
footprint to deliver future growth.
Key Highlights – First Quarter 2023
 119% profit growth on higher margins, improved deposit & loan mix and substantial recoveries
• Net profit of AED 6.0 billion up by an outstanding 119% y-o-y and 54% q-o-q
• Total income up 64% to AED 10.5 billion on our excellent deposit mix with higher interest rates
feeding through to margins and strong growth across all business segments and products
• Net interest margin rose significantly by 145 basis points y-o-y to 4.05%
• Impairment allowances substantially down 66% y-o-y on successful recoveries as coverage ratio
increases to 152%
• Credit Quality improved with NPL ratio 0.4% lower q-o-q at 5.6% enabling improved credit quality
guidance
• Customer loans up an impressive 3% in Q1-23 with highest ever retail disbursements across
conventional and Islamic retail franchise coupled with strong new corporate lending
• Deposit mix is a key strength. Deposits grew 7% or AED 35 billion in Q1-23 including a beneficial
AED 19 billion increase in Current and Savings Accounts, demonstrating our effective deposit
gathering strategy and low cost of funds
• Earnings per share up significantly by 117% to 93 fils, underlying up 159%
Page 1 of 7 Emirates NBD’s strength empowers its customers to benefit from a growing economy
• Total assets up 5% at AED 782 billion
• Capital and Liquidity 187% Liquidity Coverage Ratio and 15.8% Common Equity Tier-1 ratio
reflect the Group’s solid balance sheet, used to empower customers and create opportunities to
prosper
• Expenses well controlled, as the Group recharges international strategy with effective progress in
broadening international branch network and accelerates investment in Digital and Data to drive
future growth
• Growing regional presence helping drive significant income growth across our international
footprint
• Egypt appointed a new CEO and CFO to recharge Egyptian growth strategy
 Emirates NBD market leadership continues to advance
• Growing market share with strongest ever quarter for retail lending with over AED 8 billion of
retail loan disbursements in Q1-23 and over 144,000 new credit cards issued
• Local currency issuance. The Group became the first issuer of Dirham bonds and sukuks,
following the Ministry of Finance’s development of local yield curve
• Global Custody Services was launched by Emirates NBD Capital on DFM and ADX, providing
regional and overseas clients with secure and efficient safekeeping of their assets across multiple
geographies
• Instant trading on ADX. Emirates NBD Securities provides digital onboarding and instant trading
access to ADX’s listed companies
• ‘ENBD X’ enhanced mobile banking app rolling out, delivering a new standard in customer service
• Priority Banking revamped value proposition for affluent clients
• Emirates Islamic’s ratings affirmed, and Viability Rating upgraded by Fitch
• ESG 75% of cards issued are now eco-friendly bio-cards, reducing plastic consumption by over
4,200 kilograms
• Earthquake contribution of 350 million Turkish Lira to support Earthquake recovery
Page 2 of 7Hesham Abdulla Al Qassim, Vice Chairman and Managing Director said:
 “Emirates NBD’s profits more than doubles to a record AED 6 billion in the first
quarter of 2023, reflecting the success of the Group’s diversified business model
and a healthy regional economy.
 As a leading bank in the region, we are fully aligned with Dubai’s commitment to
continue developing and stimulating entrepreneurship, attracting more foreign investment and
consolidating Dubai’s position as a land of opportunity and innovation.
 Emirates NBD and Emirates Islamic are proud to be the first issuers of dirham bonds and sukuks, following
the development of a local yield curve, facilitating capital market access in local currency for UAE
corporations.
 In response to February’s tragic earthquake in Turkey, Emirates NBD Group immediately donated 350
million Turkish Lira to the relief effort and is also providing deferral support to affected customers.”
Shayne Nelson, Group Chief Executive Officer said:
 “Emirates NBD delivers record quarterly income for the first quarter of 2023 as total
income grew 64% to AED 10.5 billion on increased transaction volumes and improved
margins from an efficient funding base and higher interest rates.
 We also delivered a record AED 6 billion quarterly profit on the back of higher
income and a substantially lower cost of risk aided by significant recoveries, the highest ever quarterly
profit delivered by a UAE bank.
 Q1-23 is the strongest ever quarter for retail lending with over 144,000 new credit cards issued and over
AED 8 billion of retail loan disbursements.
 We upgraded our mobile banking app, revamped the value proposition for affluent clients and enabled
instant trading on the Abu Dhabi Stock Exchange to deliver a new standard in customer service.
 We have recharged our strategy within our international footprint to deliver future growth.”
Patrick Sullivan, Group Chief Financial Officer said:
 “Emirates NBD’s diverse business model delivers record income, profit and retail
disbursements during the quarter.
 Higher income enables us to accelerate our international expansion and
investment in digital and data, which will deliver alternative revenue streams and
offset against the impact from expected future interest rate cuts.
 Strong recoveries and the low cost of risk in the first quarter enables us to improve our credit quality
guidance.
 Liquidity in the UAE banking sector remains healthy and we grew deposits by AED 35 billion in the first
quarter of 2023, including a AED 19 billion increase in Current and Savings Account balances.
 Dubai’s economy continues to perform strongly and the Group’s solid balance sheet is supporting its
customers and help them grow both locally and internationally.”
Page 3 of 7Financial Review
Income Statement 3 months ended 3 months ended
%∆ YoY
All figures are in AED billion 31-Mar-23 31-Mar-22
Net interest income 7.2 4.3 69%
Non-funded income 3.3 2.1 54%
Total income 10.5 6.4 64%
Operating expenses (2.6) (2.0) 34%
Operating profit before impairment 7.8 4.4 77%
Impairment allowances (0.5) (1.4) (66)%
Profit before tax & others 7.4 3.0 145%
Hyperinflation adjustment (0.8) - -
Tax (0.5) (0.3) 91%
Profit 6.0 2.7 119%
Key Metrics 31-Mar-23 31-Mar-22 %∆ YoY
Cost to income ratio 25.3% 30.8% (5.5)%
Net interest margin 4.05 % 2.60% 145 bps
Cost of Risk (bps) 41 116 (75) bps
EPS (AED) 0.93 0.41 52 fils
Return on Tangible Equity 30% 16% 14%
Balance Sheet As at As at
%∆ QoQ
All figures are in AED billion 31-Mar-23 31-Dec-22
Total Assets 782 742 5%
Gross Loans 470 456 3%
Deposits 538 503 7%
Key Metrics 31-Mar-23 31-Dec-22 %∆ QoQ
NPL Ratio 5.6% 6.0% (40) bps
Impaired Loan Coverage Ratio 152% 145% 7%
Liquidity Coverage Ratio 187% 182% 5%
Capital Adequacy Ratio 18.7% 18.3% 40 bps
Tier 1 Ratio 17.6% 17.2% 40 bps
Common Equity Tier 1 Ratio 15.8% 15.4% 40 bps
Rounding differences may appear throughout the document
Page 4 of 7Operating Performance
Total income for Q1-23 is up 64% y-o-y and up 7% q-o-q to AED 10.5 billion. Net interest income is up 69%
y-o-y on an improved loan and deposit mix with higher rates feeding through to margins. Non-funded
income is up 54% y-o-y from increased local and international card transactions, coupled with growth in
FX & Derivative income.
Q12023
Expenses remain well controlled with Q1-23 cost to income
ratio within guidance at 25.3% reflecting stronger income
0.5
enabling continued acceleration of investment for growth
1.9
2.6
Impairment allowances in Q1-23 are substantially lower, down Net profit
3.9
Q42022 Costs
66% y-o-y, reflecting strong recoveries and the healthy
Provisions
operating environment and enabling improved credit quality
6.0
2.9
guidance.
Quarterly profit rises to AED 6 billion on the back of higher
income and a substantially lower cost of risk aided by significant recoveries, the highest ever quarterly
profit delivered by a UAE bank.
Balance Sheet Trends
Lending increased during Q1-23 by AED 13 billion with the
Dec-22 Mar-23
conventional and Islamic retail franchise having its strongest ever
538
quarter, disbursing over 8 billion dirhams of loans.
503
Deposits grew by AED 35 billion in the first quarter of 2023,
470
including a AED 19 billion increase in Current and Savings Account
456
balances helping maintain a stable, efficient funding base.
Liquidity remains strong with the Liquidity Coverage Ratio at 187% Loans Deposits
and the Advances to Deposits Ratio at 80%.
During the quarter, the Non-Performing Loan ratio improved to 5.6% on significant writeback and recoveries
whilst the Coverage ratio strengthened to 152%, demonstrating the Group’s continued successful approach
to loan management and its prudent approach towards credit risk
Dec-22 Mar-23
management.
18.7%
18.3%
As at 31 March 2023, the Group’s Common Equity Tier 1 ratio is
15.8%, Tier 1 ratio is 17.6% and Capital Adequacy ratio is 18.7% 15.8%
15.4%
CAR CET-1
Page 5 of 7Business Performance
 Retail Banking and Wealth Management had an excellent first quarter with its highest ever revenue,
strongest ever disbursement of loans and credit cards, and a stable, diverse deposit base.
- Robust business momentum continues with loan origination up 29% y-o-y and Credit Card
acquisitions up 84% y-o-y as 144,000 new credit cards issued in Q1-23
- Lending increased by AED 5 billion and Deposits grew by AED 13 billion in first three months of
2023
- Highest ever Cards spends of over AED 13 billion in March-23
- Income up 39% y-o-y with 30% contribution from non-funded income
- ‘ENBD X’ enhanced mobile banking app rolling out, delivering a new standard in customer service
- Emirates Islamic Retail strengthened its digital offering, launching new mobile app and extending
tablet banking for Credit Cards
 Corporate and Institutional Banking capitalised its strategic partnership with major Government
entities and Corporates by enhancing digitized service platforms
- Global Custody Services launched by Emirates NBD Capital on DFM and ADX, providing regional
and overseas clients with secure and efficient safekeeping of assets across multiple geographies
- Profitability jumped 128% on higher fee income due to increased customer hedging, increased
Trade Finance and Investment banking income, improved net interest income due to rate rises and
strong recoveries
- CASA balances grew enabling Group to maintain low cost of funds
- Emirates NBD Securities provides digital onboarding and instant trading access to ADX’s listed
companies
 Global Markets and Treasury delivered an outstanding performance with quarterly income and profit
exceeding AED 1 billion for the first time
- Net interest income grew significantly from Balance Sheet positioning coupled with a significant
increase in banking book investment income
- Non funded income grew by 76% as the Trading desk navigated volatile market conditions, with
particularly strong performances from Rates and FX trading desks
- Sales Revenue grew by a healthy 60% with Structured Product revenue more than doubling and
income from Foreign Exchange sales growing by 48% y-o-y
- Group Funding issued the UAE’s first Dirham denominated Sukuk and Conventional bonds from a
bank, building on the UAE Ministry of Finance’s development of the local yield curve
 DenizBank profit up 37% to AED 861 million helped by strong recoveries
Page 6 of 7Outlook
In April the International Monetary Fund trimmed its global GDP growth forecast to 2.8% for 2023 but expect
most countries within Emirates NBD’s footprint, including the UAE, KSA, Turkey, Egypt and India to match
or exceed this level. Emirates NBD Research expects UAE GDP to grow by 3.9% this year, well ahead of
the IMF’s global growth forecast and this optimism is supported by UAE’s PMI registering a five-month high
of 55.9 in March.
Recent events in the US and European banking sectors did not deter major central banks from pushing
ahead with rate hikes in March, as inflation remains above target. Liquidity in the UAE banking sector
continues to remain very healthy.
Emirates NBD Research revised its 2023 forecast for Brent oil down to an average of USD 88/b and the
outlook for the UAE economy remains constructive. Despite this lower forecast oil price, it is expected that
the Kingdom of Saudi Arabia will still deliver a balanced budget this year.
-ENDS-
Awards:
 Emirates NBD won ‘Middle East's Best Private Bank for Digital’ and ‘Best Domestic Private Bank
in the UAE’ by Euromoney Global Private Banking Awards 2023
 Emirates NBD won ‘Best Private Bank Digital Solutions for Clients’ in the Middle East and UAE by
Global Finance World’s Best Private Banks Awards 2023
 Emirates NBD KSA won ‘Best Foreign Bank in KSA’ by International Finance Awards, The Global
Economics Awards and The Global Business Outlook Awards 2022, and ‘Most Innovative Retail
Bank – Saudi Arabia 2022’ by Global Economics Awards and ‘Best Green Building Initiative –
Banking KSA 2022’ by the International Finance Awards
 Emirates NBD Capital won ‘Best Investment Bank in the Middle East’, ‘Best Local Investment Bank
in the UAE’, ‘Best Debt House in the UAE’, ‘Best Loan House in the UAE’, ‘Best Foreign Bank in
the KSA by EMEA Finance - Middle East Banking Awards 2022
 Emirates NBD Capital won ‘Best Islamic Investment Bank (Global)’, ‘IFN Syndicated Deal of the
Year’, ‘IFN Turkiye Deal of the Year’ and ‘Best Investment Bank in the UAE’ by the Islamic Finance
News Awards 2022
 Emirates NBD was named the UAE’s most valuable banking brand and MENA’s third most
valuable banking brand, with a value of USD 3.89 billion, in The Banker’s 2023 brand valuation
 Emirates NBD won Grand Prix in ‘Glass: The Award for Change’ category for Emirati Women’s
Day Campaign at the Dubai Lynx Awards 2023
Emirates NBD has a leading retail banking franchise, with 874 branches and 4,144 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
For 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.
Page 7 of 7

Sentiment: neutral