3Q results from Emirates NBD, Emirates Islamic, DIB, CBD

Emirates NBD posts flat 3Q earnings despite stronger income and lending

Emirates NBD’s net income held flat q-o-q at AED 6.4 bn in 3Q 2026, even as total income rose 6% to AED 14.3 bn, according to the lender’s financials (pdf). Net interest income climbed 9% to AED 10.4 bn, but higher operating costs and impairment charges prevented the bottom line from following suit, the bank said in a separate earnings release (pdf).

On a 9M basis, net income rose 2% y-o-y to AED 19.3 bn as total income climbed 15% to a record AED 42.2 bn. Earnings growth lagged the top line as impairment charges swung to AED 2.1 bn from a reversal a year earlier, largely on provisioning at DenizBank, while hyperinflation charges also increased.

RBL is starting to show up in the numbers: Gross loans have jumped 27% since the start of the year to AED 833 bn, while deposits have increased 19% to AED 935 bn. As we’ve previously flagged, RBL Bank had only been consolidated for 13 days of 2Q, making 3Q the first full period to reflect the Indian lender after Emirates NBD’s USD 2.8 bn acquisition of a 60% stake. Loan growth excluding RBL still came in at 18% YTD, so the expansion was not all acquisition-driven.

The regional push is widening too: Emirates NBD also agreed to acquire HSBC Egypt’s retail business this summer. Meanwhile, the impaired-loan ratio improved to 2% from 2.4% at end-2025 despite rapid lending growth.

Impairment reversal lifts Emirates Islamic’s 3Q earnings 21.4%

A sharp swing in impairments gave Emirates Islamic’s 3Q earnings a boost, with net income jumping 21.4% y-o-y to AED 1.0 bn even as total operating income rose just 2.4% to AED 1.6 bn, according to the lender’s financial statements (pdf) and earnings release (pdf). The bank booked an AED 109.4 mn impairment reversal, versus an AED 92.1 mn charge a year earlier. Meanwhile, net income from financing slipped 2.7% as distributions to depositors and sukuk holders climbed 43.8%, offsetting a 12.8% rise in gross financing income.

On a 9M basis, net income edged up 1.2% y-o-y to AED 2.7 bn, while total operating income rose 6.0% to AED 4.7 bn. That reverses the trend seen in 1H, when net income fell 8% even as the top line grew. Non-funded income did more of the lifting this time, while impairments swung to an AED 141.5 mn charge from an AED 43.8 mn reversal a year earlier.

The balance sheet kept growing at double-digit rates: Customer financing has risen 14.4% since the start of the year to AED 101.6 bn, while deposits have increased 13.4% to AED 115.8 bn, extending the financing growth seen in 1H.

CBD’s 3Q net income rises 9.4% as credit losses fall

Lower credit costs gave Commercial Bank of Dubai’s (CBD) 3Q earnings a lift, with net income rising 9.4% y-o-y to AED 969 mn even as total operating income slipped 2.3% to AED 1.5 bn, according to its management discussion and analysis report (pdf) and financials (pdf). Expected credit losses fell 61.8% to AED 74 mn, while net interest income rose 8.4% to AED 1.1 bn, helping offset weaker non-funded income.

On a 9M basis, net income increased 4.1% y-o-y to AED 2.7 bn, while operating income edged up just 0.9% to AED 4.4 bn. Expected credit losses fell 22.6% to AED 314 mn, extending the lower-provisioning trend that supported 2Q earnings.

Loans are running well ahead of deposits: Net loans and advances have climbed 8.5% since the start of the year to AED 109.6 bn, while customer deposits have risen just 0.7% to AED 112.2 bn.

Asset quality moved in the right direction too: The non-performing loan ratio improved to 3.0% from 3.5% a year earlier, while provision coverage rose to 107.0% from 98.9%. CBD also tapped the AT1 market over the summer, returning with a new issuance after redeeming its previous USD 600 mn bond in April.