Emirates NBD, Dubai's largest bank, reported a record profit before tax of AED 16.2 billion for the first half of 2026, up 5% on the same period a year earlier, according to a press release issued by the lender and posted to its investor relations website.
Group income rose 16% year on year to AED 27.9 billion, driven by strong balance-sheet growth and diversified non-funded income growth. The bank said it continued to benefit from robust customer activity, strong balance-sheet growth and the clear strength of its diversified business model.
INCOME GROWTH DRIVES RECORD RESULT
Net interest income climbed 13% year on year to AED 19 billion, driven by strong asset growth and resilient margins, although the net interest margin narrowed to 3.25% from 3.47% a year earlier. New lending of AED 98 billion helped deliver 9% retail and 12% corporate loan growth in the half.
Non-funded income was the stronger performer in relative terms, rising 25% year on year to AED 8.9 billion. Fee and commission income rose 22% to AED 4.7 billion, while other non-funded income rose 28%, helped by foreign exchange and derivatives client flows.
Emirates NBD said its balance sheet had surpassed AED 1.3 trillion, driven by growth in the UAE and the consolidation of India's RBL Bank, whose acquisition it completed during the half, adding AED 74 billion of assets, AED 44 billion of loans and AED 43 billion of deposits. Chief executive Shayne Nelson said completion of the RBL Bank acquisition "marks a significant step in our international strategy, further strengthening Emirates NBD's scale and diversification".
Q2 PROFIT DIPS 3 PERCENT QUARTER ON QUARTER
The record first-half print masked a softer sequential comparison at group level. Second-quarter profit before tax was AED 8.0 billion, down 3% from AED 8.2 billion in the first quarter, as non-funded income fell 18% quarter on quarter; first-half profit growth was achieved despite higher impairment and hyperinflation charges.
In its outlook, the bank said higher-frequency indicators suggested domestic demand in the UAE had remained resilient amid ongoing geopolitical uncertainty, with PMI surveys pointing to expansion in the non-oil economy.
Emirates NBD's parent is Investment Corporation of Dubai, which holds 40.92% of the bank and, together with Dubai Holding (14.83%), holds a controlling interest; the bank is listed on the Dubai Financial Market. The bank is regulated by the Central Bank of the UAE and, in Dubai's international financial centre, by the Dubai Financial Services Authority.
The group published full second-quarter financial statements and an accompanying results presentation on its investor relations website. Emirates Islamic and the Emirates NBD Islamic window together hold Islamic assets exceeding AED 250 billion, the bank said. The group's common equity tier 1 ratio stood at 13.6% at the end of June, down from 14.4% at the end of 2025.
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