Earnings season is heating up with full-year earnings from Emirates NBD, Commercial Bank of Dubai, Sharjah Islamic Bank, the National Bank of Fujairah, and Al Seer Marine.

EMIRATES NBD-

Dubai’s Emirates NBD reported a net income of AED 23 bn in 2024, marking a 6.9% y-o-y increase compared to 2023, according to the banking group’s financials (pdf). The lender’s total operating income rose by 2.6% y-o-y to AED 44.1 bn during the year.

This annual financial performance was attributed to strong loan growth and a “stable and low-cost funding mix,” according to its earnings release (pdf). Loan growth amounted to 10% last year with a 30% increase in retail lending, while the deposit mix rose by AED 82 bn in 2024, including an AED 48 bn boost in current and savings accounts.

Market reax: The bank’s shares fell 7.5% to reach its lowest level in five years on flat net income growth in 4Q 2024, which came in at AED 4 bn, Reuters reports.

Dividends: Emirates NBD proposed a dividend payout of 100 fils, down from 120 fils last year.

Meanwhile, its Emirates Islamic unit delivered a record net income of AED 2.8 bn last year, marking a 32.5% y-o-y increase compared to 2023, according to its financials (pdf). The franchise’s total operating income rose by 13% y-o-y to AED 5.4 bn in the same period. This performance was attributed to a “positive trend in both funded and non-funded income,” according to its earnings release (pdf).

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah (NBF) reported a 17.2% y-o-y increase in net income to AED 850.1 mn in 2024, according to its financial statements (pdf). The boost came from cost management and improved impairment positions as the bank braces for lower interest rates, it said in its earnings release (pdf). The bank also achieved record-breaking operating revenues of AED 2.4 bn, up 6.7% y-o-y.

The breakdown: The lender’s net interest income and income from Islamic financing rose to AED 1.8 bn in the year, up 4.8% y-o-y. Meanwhile, net fees, commission, and other income rose 8.4% y-o-y to AED 452.7 mn.

Dividends: The board suggested a dividend distribution equivalent to 15% of the paid-up capital — the same as 2023.

COMMERCIAL BANK OF DUBAI-

Commercial Bank of Dubai’s (CBD) net income after tax rose 2.6% y-o-y to AED 799 mn in 4Q 2024, according to the lender’s earnings release (pdf). The bank’s total income fell 8.8% y-o-y to AED 1.3 bn during the quarter, while net interest income increased by 0.7% y-o-y to AED 950 mn.

CBD’s bottom line grew 14.3% in 2024: The lender’s net income surged 14.3% y-o-y in 2024 to a record AED 3 bn, “on the back of strong loan growth with higher revenues at outstanding returns and with significantly improved asset quality,” CBD CEO Bernd van Linder said. The bank saw its total income climb 11.2% y-o-y to AED 5.5 bn, supported by higher net interest income of AED 3.8 bn, up 6.4% y-o-y, and improved fee and commission income.

Assets and deposits: The bank’s assets increased 8.7% y-o-y to AED 140.2 bn, while net loans and advances hit AED 93.0 bn, marking a growth of 11.7% y-o-y. Customer deposits also grew 10.5% y-o-y to AED 97.6 bn in 2024.

AL SEER MARINE-

Maritime player Al Seer Marine widened its net losses in 2024 to AED 1.5 bn, compared to a net loss of AED 1 bn in 2023, according to its financials (pdf). The company’s revenue rose by 4% to AED 1.3 bn during the year.

The performance was attributed to the company’s efforts for “diversification across key sectors,” including kicking off operations for new tankers, higher demand for yacht management services, and new maintenance and technical support contracts, according to the company’s earnings release (pdf). Meanwhile, the reported loss was influenced by a decline in the fair value of shares in ADX-listed companies due to market fluctuations.

SHARJAH ISLAMIC BANK-

Sharjah Islamic Bank saw its net income rise 24.5% y-o-y to AED 1 bn in 2024, according to the company’s financials (pdf). The lender reported a 10.4% y-o-y increase in its total operating income to AED 2.2 bn.

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