Dubai: This report proves the worth of Emirates NBD, the largest bank in Dubai by assets, when it stood as the highest performing bank in the first quarter of 2025.
It disclosed a net profit of about 6.2 billion dirhams ($1.69 billion) when it was unveiled on Tuesday, exceeding market expectations estimated according to analysis prepared by LSEG of rounding down from around 5.1 billion dirhams. This amazing bank performance came from rising interest income and soaring demand for loans.
Year-on-year net interest income is up 14% to 8.5 billion dirhams because of increased interest rates and enhanced lending practices. Non-interest income increased by 5% to reach 3.4 billion dirhams besides, with total gross loans increasing to 11% during the quarter. Meanwhile, the total assets of the bank increased by 14% to hit over 1.03 trillion dirhams.
This comes at a time much of the UAE economy is undergoing diverse measures just to grow beyond oil diversification. Local banks, such as Emirates NBD, have enjoyed rising credit demand, much due as well to the certified project of great increasing investment undertaken by the government in the sectors of tourism, infrastructure, and industry.
Even beyond these benefits, the increased consumption of digital and wealth management services reinforced banking sector profits.
Although profit in Q1 was lower than the corresponding last year's period, that is, 6.7 billion dirhams much lower than a year ago, it definitely beats expectations and shows the strength and strategy the bank embodies.
Emirates NBD is perceived as an economic pillar in the financial region under which an economy is currently transforming. With most of its stakes held by Dubai's government, such signs of beginning the year bright leaves one much more optimistic about the scenario for the UAE banking sector all through 2025.
[Source Credit: Business Recorder]
