Dubai's Emirates NBD delivered “record profit” of AED 19.0 bn in 9M 2024 on total revenues of AED 32.9 bn, it said in an earnings release (pdf) and its financial statements (pdf).

Diving deeper: Loan growth was up 9% in the first nine months of the year “across all business units and international locations,” it said. Profitability was supported by “an excellent stable, low-cost funding mix” as current and savings account liabilities swelled AED 33 bn. Higher fee and commission income in 3Q also boosted profitability.

Regional growth: Management noted that its Emirates Islamic franchise is delivering its strongest year ever, turning in AED 2.5 bn in profit and growing its Saudi loan book 49% year-to-date since expanding into the Kingdom.

Dive deeper: You can check out Emirates Islamic’s results here in its financials (pdf) and earnings release (pdf)

BANK OF SHARJAH-

The Bank of Sharjah’s net income rose 495.2% y-o-y to AED 125 mn in 3Q 2024, up from AED 21 mn during the same period last year, according to the lender’s earnings release (pdf). The lender’s total operating income in the quarter rose 88% y-o-y to AED 188 mn.

On a YTD basis: 9M 2024 net income came in at AED 296 mn compared to a loss of AED 122 mn in the same period last year as total operating income rose 50.6% y-o-y to AED 488 mn.

SHARJAH ISLAMIC BANK-

Sharjah Islamic Bank (SIB)’s net income after tax rose 23.3% y-o-y to AED 336.4 mn in 3Q 2024, according to its financial statements (pdf). Total operating income was up 30.5% y-o-y to AED 585.2 mn as fee and commission, Islamic finance, investment income, and FX income all advanced.

SIB’s net income rose to AED 902.5 mn in 9M 2024, up 17.6% y-o-y on a more than 14% increase in revenue to AED 1.61 bn.

Tags: