Emirates NDB Says Wealth, Retail Banking Revenues Got Stronger

Editorial Staff

31 January 2023

Revenues in retail banking and wealth management at broke records last year, with loan origination rising 39 per cent and credit card acquisitions rising by 100 per cent, the UAE-based group has reported.

Lending in the wealth and retail arms of the bank rose by AED7 billion ($1.9 billion), it said. Income rose 27 per cent and fee income rose 34 per cent.

Emirates NBD’s profits, across the whole business, rose 40 per cent to AED13 billion in 2022.

In the fourth quarter, profit was AED3.9 billion, surging 94 per cent on a year earlier, helped by improving margins and a lower cost of risk.

Credit quality remains “healthy,” the firm said, reflecting the region’s strong economy. Impairment charges fell by 12 per cent.