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 higher lending volumes, stronger fee generation and a continued expansion of the balance sheet. Management said the first-half performance underlined the strength of the group's diversified regional franchise across corporate, retail, private and investment banking, and reflected disciplined execution of its growth strategy.
INCOME GROWTH DRIVES RECORD RESULT
Net interest income climbed 13% year on year to AED 19 billion, supported by balance-sheet growth and a still-elevated interest-rate backdrop across the Gulf, where the UAE dirham's peg to the US dollar keeps local policy rates broadly aligned with the Federal Reserve. Higher lending volumes across corporate and retail books added to the top line.
Non-funded income was the stronger performer in relative terms, rising 25% year on year to AED 8.9 billion. The bank pointed to gains across fees, foreign exchange and trading activity as clients continued to transact actively through the first six months of the year, with cross-border business a particular area of strength for the group.
Emirates NBD said its balance sheet had continued to expand over the period, reflecting new lending in the UAE and its wider international network that includes DenizBank in Turkey, subsidiaries in Egypt and Saudi Arabia, and branches across the Gulf, Asia and Europe. The group has consistently positioned itself as one of the most internationally diversified Gulf lenders.
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 down 3% on the first three months of the year, a slowdown that the bank did not attribute in detail in the summary release but which comes after several quarters of strong momentum for the franchise.
Even with the quarterly dip, the first-half print marks a new record for the group and follows a series of strong results in recent years as the UAE economy has benefited from higher hydrocarbon revenues, robust non-oil growth in Dubai and rising credit demand from corporate and retail borrowers. Property-linked lending has also been a notable driver of activity.
Emirates NBD is majority-owned by Investment Corporation of Dubai, the emirate's principal sovereign investment vehicle, and is a constituent of 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, giving analysts detailed breakdowns of segmental performance, asset quality metrics and capital ratios. Emirates NBD's franchise spans conventional banking, Islamic banking through its Emirates Islamic subsidiary, private banking, asset management and investment banking, alongside its international operations across the Middle East, Turkey, Africa, Asia and Europe. Its scale in Dubai and its regional network make it one of the most closely watched lenders in the Gulf reporting season.