Emirates Islamic’s net profit reaches Dh1.7 billion as deposits grow 8.3%.
Dubai: Emirates NBD expanded its loan book by Dh114 billion during the first half of 2026, taking gross lending to Dh771 billion, driven by strong growth across its core markets and the consolidation of RBL Bank.
The Dubai-based lender reported a record pre-tax profit of Dh16.2 billion for the first half of 2026, marking a 5% increase compared with the same period last year. Profit after tax rose 3% year on year to Dh12.9 billion.
Customer deposits increased 13% to Dh892 billion, supported by growth across the bank’s retail, corporate and international businesses.
The group’s balance sheet surpassed Dh1.3 trillion, reflecting continued organic expansion and the consolidation of RBL Bank.
Emirates NBD Group CEO Shayne Nelson said the bank delivered a strong first-half performance, achieving a record pre-tax profit of Dh16.2 billion, supported by robust customer activity and strong lending and deposit growth across its core markets.
Income reaches Dh27.9 billion
Total income increased 16% year on year to Dh27.9 billion, supported by a 13% rise in net interest income and a 25% increase in non-funded income.
Operating profit before impairment climbed 17% to Dh19.5 billion, driven by stronger income growth and continued cost management across the group.
Expenses rose 15% to Dh8.3 billion, while the cost-to-income ratio stood at 29.9%. The bank reported a net interest margin of 3.25% during the period.
Profit growth was achieved despite higher impairment allowances and hyperinflation-related charges. Impairment allowances reached Dh1.4 billion, mainly due to provisions across Emirates NBD and DenizBank, partially offset by recoveries.
RBL Bank adds Dh74 billion in assets
Emirates NBD completed its acquisition of RBL Bank during the first half of 2026, adding Dh74 billion in assets, Dh44 billion in gross loans and Dh43 billion in deposits to the group.
The acquisition strengthened the bank’s international operations and contributed to the expansion of its overall lending and deposit base.
Emirates NBD Group CEO Shayne Nelson said the successful completion of the RBL Bank acquisition marked a significant milestone in the group’s international strategy, enhancing its scale and diversification.
Group Chief Financial Officer Patrick Sullivan said lending growth was supported by continued business activity in the UAE and the consolidation of RBL Bank.
Lending grew strongly by 17% to Dh771 billion, adding Dh114 billion during the first half of 2026. The increase was driven by healthy growth momentum in the UAE and the consolidation of RBL Bank.
Retail and corporate lending increase
Emirates NBD provided Dh98 billion in new lending during the first six months of the year, supporting a 6% rise in retail loans and 14% growth in corporate lending.
The group maintained its position as the leading credit card issuer across the Middle East and Africa, accounting for 36% of credit card spending in the UAE.
Emirates NBD reported a customer Net Promoter Score of 58, placing it among the region’s top banks for customer experience.
Wealth assets reach $105 billion
Assets under management and administration across the group reached $105 billion, supported by growth in wealth management operations and double-digit expansion in the UAE since April.
Emirates NBD Capital completed more than 55 debt capital market transactions across 12 countries, raising over $47 billion during the period.
The group also introduced structured credit, commodity and investment products, contributing to higher income from both local and international clients.
Asset quality remains stable
The impaired loan ratio improved to 2.1%, while the group reported a cost of risk of 42 basis points.
Its common equity tier-one ratio stood at 13.6%, providing the bank with sufficient capital strength to support continued lending and future business growth.
The group also returned to the GCC additional tier-one capital market with a $750 million issuance.
