Today's Edition
ABU DHABI (ALETIHAD)
Emirates NBD reported a profit before tax of Dh8.2 billion for the first quarter of 2026, up 6% year-on-year and 28% quarter-on-quarter, driven by strong balance sheet growth, resilient margins and record non-funded income growth, a statement from the bank said.
Total income increased 21% year-on-year and 13% quarter-on-quarter to Dh14.4 billion, supported by strong asset growth and a sharp rise in non-funded income, which surged 42% year-on-year to Dh4.9 billion. Net interest income rose 12% year-on-year to Dh9.5 billion.
Operating profit before impairment grew 24% year-on-year and 16% quarter-on-quarter to Dh10.2 billion, reflecting strong income growth and disciplined cost management, while operating expenses increased 14% year-on-year to Dh4.2 billion.
Net profit stood at Dh6.4 billion, up 27% quarter-on-quarter but down 3% year-on-year, reflecting overall solid performance during the period.
The bank recorded impairment allowances of Dh0.8 billion during the quarter.
The balance sheet continued its strong growth momentum, with total assets rising 18% year-on-year to Dh1.217 trillion. Gross loans increased 28% year-on-year to Dh703 billion, while deposits grew 19% to Dh830 billion.
Key metrics remained robust, with the cost-to-income ratio improving to 29.2% from 30.9% a year earlier, while the impaired loan ratio declined to 2.3% from 3.1%, reflecting strong asset quality. The bank maintained solid capital and liquidity positions, with a common equity tier-1 ratio of 14.2% and a liquidity coverage ratio of 141%.
Emirates Islamic continued its growth trajectory, delivering a profit before tax of Dh1 billion in the first quarter of 2026.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said: “The UAE has once again demonstrated exceptional resilience and strategic foresight, with swift actions by the leadership and the Central Bank of the UAE supporting robust liquidity and safeguarding financial stability. Emirates NBD has been proactively working to support customers through targeted relief measures, including fee waivers or deferrals, helping businesses navigate through the current environment.”
Shayne Nelson, Group Chief Executive Officer, said: “Our strategic investments in our regional footprint, Digital capabilities and GenAI continue to drive strong income growth, offsetting the impact of lower interest rates. Our international expansion strategy remains a core pillar as we look forward to closing the RBL transaction and welcoming them to the Group.”
Patrick Sullivan, Group Chief Financial Officer, said: “Emirates NBD entered this period of heightened geopolitical uncertainty from a position of strength, with rock-solid capital, robust liquidity and a well-diversified business model that continues to drive growth and strong financial performance.”
