Emirates NBD reported robust financial results for the first quarter of 2025, with pre-tax profit surging by 56% to AED 7.8 billion. The growth was supported by strong lending momentum, an improved deposit mix, and the successful launch of new products and services. These factors contributed to an 11% year-on-year increase in total income.
Net profit after tax reached AED 6.2 billion, reflecting a slight 7% decline compared to the same period last year, but showing improvement over Q4 2024. The bank’s balance sheet crossed AED 1 trillion, fueled by significant growth in loans and deposits, in line with a thriving regional economy.
Customer deposits rose by 5%, driven by a record AED 27 billion increase in low-cost current and savings accounts. Lending also expanded by AED 18 billion during the quarter, with over half of the increase coming from the bank’s growing international network.
Emirates Islamic, a subsidiary of the group, recorded its highest-ever quarterly profit, surpassing AED 1 billion for the first time, supported by a 7% rise in financing activity, reinforcing its position as a leading Islamic bank in the UAE. Assets under management rose to $50 billion amid a growing high-net-worth population, further validating the bank’s strategic focus on wealth management and innovative product offerings.
Commenting on the results, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, stated that the first-quarter performance reflects the success of the group’s regional expansion, digital transformation, and outstanding performance across all business units. He also noted that the group now commands a 35% market share of credit card spending in the UAE, processing over AED 50 billion in card transactions in Q1 2025. Lending grew by 3.5% during the quarter, with AED 18 billion in new loans; more than half of which originated from international operations.
Group CEO Shayne Nelson attributed the 11% income growth to strong loan growth and the bank’s ability to attract and retain low-cost deposits. He emphasized that the group’s investment in regional presence, digital capabilities, and generative AI has helped mitigate the impact of lower interest rates. Nelson also highlighted the success of the bank’s innovative products in private banking, wealth management, escrow services, and regional corporate and investment banking. The bank expanded its partnerships with three major fintechs, offering solutions ranging from blockchain-based payments to international beneficiary verification, and is actively leveraging big data analytics to uncover new opportunities. Emirates NBD now runs over 50 advanced analytics use cases, positioning itself as a data-first bank.
Patrick Sullivan, Group CFO, stated that Q1 profit rose 56% quarter-on-quarter to AED 6.2 billion, driven by higher income, lower costs, and a reversal of impairment provisions totaling AED 0.5 billion. The group’s CASA (current and savings accounts) base grew by AED 27 billion, helping cushion the effects of lower interest rates. Sullivan added that the credit environment remains healthy, and retained earnings continue to support robust loan growth, reinforcing Emirates NBD’s status as a regional powerhouse with a solid platform for future expansion.
Looking ahead, the UAE’s non-oil economy entered 2025 on a strong footing, with encouraging signs of momentum in Q1. A combination of private and public sector investments, along with population growth, is expected to drive continued expansion. In Saudi Arabia, economic activity is gaining pace thanks to large-scale government investment programs. Oil production in both the UAE and Saudi Arabia is projected to rise this year, while efforts to diversify revenue sources are expected to shield the region’s economies from oil price volatility. Meanwhile, inflation in Egypt is under control, allowing more room for private sector expansion, and Turkey’s monetary policy continues to push inflation downward.