Emirates NBD Bank (EMIRATESNBD) Q2 2025 earnings summary

Executive summary

• Income rose 12% year-over-year to AED 23.9 billion in H1 2025, driven by strong loan growth, improved deposit mix, and expanded product offerings, with nearly half of loan growth from the international network.

• Operating profit increased 9% year-over-year to AED 16.7 billion, despite lower interest rates.

• Net profit for H1 2025 was AED 12.5 billion, down 9% year-over-year due to higher taxes and lower impairment recoveries.

• Total assets increased to AED 1,085.6 billion as of 30 June 2025.

• The group completed the acquisition of the remaining 0.1% stake in Emirates Islamic Bank, now owning 100%.

Financial highlights

• Net interest income grew 10% year-over-year to AED 16.8 billion; non-funded income increased 18% to AED 7.1 billion.

• Total operating income reached AED 23.9 billion, up from AED 21.4 billion in H1 2024.

• Operating profit before impairment was AED 16.7 billion, up from AED 15.3 billion year-over-year.

• NPL ratio improved to 2.8%, with coverage at 155%.

• NIM at 3.47% for H1 2025, tracking within guidance.

Outlook and guidance

• Loan growth guidance revised up to low double digits for the full year, reflecting strong H1 momentum.

• NPL guidance improved to less than 3%; cost-of-risk guidance lowered to 20-40 basis points.

• Net interest margin expected to finish 2025 in the 3.3%-3.5% range, assuming three US rate cuts.

• DenizBank’s margin expected to recover to around 6% for the full year.

• Cost to income ratio expected to remain below 33% for 2025.