Bank says it had an “exceptionally strong” fourth quarter with a profit of more than $1bln

Emirates NBD saw its profits rise by 40% in 2022 to reach AED 13 billion ($3.54 billion) after an “exceptionally strong” fourth quarter.

Dubai’s largest bank reported a total income of AED 32.5 billion over the year, an increase of 36% year-on-year.

Profits in the fourth quarter were up 94% YoY to AED 3.9 billion, the bank said.

Chairman Sheikh Ahmed Ahmed bin Saeed Al Maktoum said Emirates NBD was proposing a 20% increase in dividend to 60 fils per share.

Emirates NBD’s assets reached AED 742 billion in 2022, up by 8% from 2021.

The bank’s Islamic arm, Emirates Islamic, reported its highest ever net profit of AED 1.24 billion, up 51% on 2021.

Income reached AED 3.18 billion for 2022, up 33%.

zawya