Dubai’s Emirates NBD turns in record profit before tax for 2024

Dubai: Emirates NBD’s profit before tax climbed soared to a ‘record’ Dh27.1 billion in 2024 as the Dubai bank cashed in on its entrenched presence in its home market and expanded its presence in key overseas markets.

The Board of Directors has proposed a 100 fils a share dividend for the year gone by. (For 2023, it paid out 120 fils, but that included a one-off based on its 60th anniversary.)

Overall income grew to over Dh44 billion as its investments in digital banking and branch network paid off. New loans of Dh160 billion was disbursed, while the bank ‘maintained’ a one-third market share of UAE;s credit card universe.

In Saudi Arabia, Emirates NBD’s loan book grew 57% in 2024. “Our international expansion story is one of growth, diversification and resilience, leveraging our unique proposition to expand our footprint across the MENAT region and beyond,” said Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Emirates NBD. (The Dubai bank also owns a leading financial institution in Turkey.)

Emirates NBD Capital, helped by its association with the various UAE IPOs, had its highest ever revenue.

Meanwhile, Emirates Islamic bank delivered profits of Dh2.8 billion, its best to date.

More good times to come
“Dubai’s GDP is projected to grow 5% in 2025, driven by expansion in key sectors including infrastructure, transport, hospitality and logistics,” said Sheikh Ahmed. “Emirates NBD stands ready to continue driving UAE and regional growth.”

There has been speculation about the bank planning on adding new markets to its network, through equity purchases in established entities.