Dubai: Emirates NBD reported record income of Dh42.2 billion for the first nine months of 2026, up 15 per cent from a year earlier, as strong lending activity, higher deposits and growth across its core markets supported the Dubai-based bank's performance.
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Profit before tax rose 4 per cent year-on-year to Dh24.3 billion despite higher impairment and hyperinflation charges, while operating profit before impairment increased 14 per cent to Dh29 billion.
The bank's total assets reached Dh1.38 trillion at the end of September, an increase of 18 per cent since the beginning of the year and 21 per cent compared with the same period in 2025.
Gross loans climbed 27 per cent year-to-date to Dh833 billion, supported by growth across most sectors and markets, including the addition of RBL Bank following its acquisition in June.
Excluding RBL Bank, Emirates NBD's loan portfolio expanded 18 per cent during the nine-month period.
Customer deposits increased 19 per cent to Dh935 billion, while deposit growth excluding RBL Bank stood at 12 per cent.
Lending growth
The bank reported Dh174 billion in new lending during the first nine months, with retail loans growing 17 per cent and corporate lending increasing 22 per cent.
Asset quality also improved, with the impaired loan ratio declining to 2 per cent. The cost of risk stood at 37 basis points, while impairment allowances totalled Dh2.1 billion, primarily reflecting provisions at DenizBank, partly offset by recoveries at Emirates NBD.
The group's liquidity coverage ratio improved by 12 percentage points quarter-on-quarter.
Patrick Sullivan, Group Chief Financial Officer, said quarterly profit before tax reached Dh8 billion, reflecting consistent earnings performance across the first three quarters.
“Profit before tax rose 4% to AED 24.3 billion in the first nine months of 2026, despite higher impairment and hyperinflation charges,” Sullivan said.
Egypt, India expansion
Emirates NBD is also expanding its international operations through the acquisition of RBL Bank in India and an agreement to acquire HSBC Egypt's retail banking business.
The transactions form part of the lender's strategy to strengthen its presence in markets with long-term growth opportunities and expand its customer base.
“Our agreement to acquire HSBC Egypt’s retail banking business is an exciting step forward in our regional growth strategy, strengthening our presence in Egypt and accelerating our ambition to build a deeper customer franchise,” said Shayne Nelson, Group Chief Executive Officer.
The bank's wealth management business also recorded growth, with assets under management in the UAE increasing 15 per cent since February 2026.
Meanwhile, Emirates NBD Capital executed more than 70 debt capital markets transactions during the year to date, raising over $60 billion across 13 countries.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said the results reflected the strength of the group's diversified operations and the UAE economy.
“Emirates NBD delivered record income of AED 42.2 billion for the first nine months of 2026, up 15% year-on-year, reflecting the underlying strength of the Group’s diversified business model and the resilience of the UAE economy.”
Digital banking
The bank continued investing in digital services, artificial intelligence and customer products as part of its longer-term growth strategy.
Its ENBD X mobile banking application now provides 237 services, compared with 150 when it launched in 2023.
Emirates NBD also introduced a real-time blockchain-based cross-border US dollar payment service through the Partior network and launched an AI-powered travel assistant in partnership with Visa and Tripadvisor.
In retail banking, the lender reported a 35 per cent share of credit card spending in the UAE. Its SHARE Visa credit card, developed with Majid Al Futtaim Group, reached 100,000 primary cards during its first year.
The bank also said it had achieved its $30 billion sustainable finance and facilitation target for 2030 nearly four years ahead of schedule.
Emirates NBD said its capital and liquidity positions remained strong, supporting continued investment in technology, customer services and regional expansion.