Emirates NBD posts Dh6.4bn Q3 net profit, lending jumps 27% year to date
By Business & Property Desk2 min read
Dubai’s largest bank, Emirates NBD, reported a net profit of Dh6.4 billion for the third quarter of 2026, unchanged from the preceding three months, as robust lending growth and the acquisition of RBL Bank continued to expand its balance sheet.
Pre-tax profit for the quarter stood at Dh8 billion, also flat compared with the second quarter. Total income rose 6% quarter-on-quarter to Dh14.3 billion, while operating expenses climbed 18% to Dh4.9 billion. This pushed the quarterly cost-to-income ratio to 34.2%, up from 30.7% in the previous quarter.
Nine-month profit edges up
For the first nine months of 2026, net profit increased 2% to Dh19.3 billion. Pre-tax profit grew 4% to Dh24.3 billion, held back by Dh2.1 billion in impairment allowances and a Dh2.6 billion hyperinflation adjustment.
Group CFO Patrick Sullivan said the Dh8 billion quarterly pre-tax profit demonstrated “consistent performance” across all quarters so far this year.
Total income for the nine months rose 15% year-on-year to a record Dh42.2 billion. Net interest income increased 14% to Dh29.4 billion, and non-funded income grew 18% to Dh12.8 billion, although it slipped 2% in the third quarter compared with the second.
Hesham Abdulla Al Qassim, vice chairman and managing director, said the results reflected “the underlying strength of the Group’s diversified business model and the resilience of the UAE economy”.
Operating expenses for the nine months rose 19% to Dh13.3 billion, lifting the cost-to-income ratio to 31.4% from 30.5% a year earlier. Operating profit before impairment increased 14% to Dh29 billion.
Net interest margin narrowed to 3.24% from 3.43% a year earlier, and return on tangible equity fell to 18.1% from 20.9%.
Lending and deposit growth
Gross loans climbed 27% since the start of the year to Dh833 billion, or 33% higher than a year earlier. Excluding RBL Bank, loan growth was 18% year-to-date. Retail loans grew 17% and corporate loans 22%, with Dh174 billion of new lending in the period.
Deposits rose 19% year-to-date to Dh935 billion, or 12% excluding RBL Bank. Total assets were up 18% year-to-date and 21% year-on-year.
Impairment allowances came to Dh2.1 billion, primarily driven by provisioning at its Turkish unit DenizBank, partly offset by continued recoveries at Emirates NBD. A year earlier, the bank booked a net Dh0.3 billion write-back. The cost of risk was 37 basis points.
The impaired loan ratio improved to 2.0% from 2.5% a year ago. The common equity tier 1 ratio stood at 13.4%, down from 14.7% a year earlier and 14.4% at the end of 2025. The liquidity coverage ratio improved by 12 percentage points on the previous quarter to 147%.
Wealth management and digital expansion
Assets under management in the UAE grew 15% since February, which the bank attributed to its wealth management strategy. Emirates NBD Capital executed more than 70 debt capital markets deals this year, raising over USD60 billion across 13 countries. The ENBD X app now offers 237 services, up from 150 at its 2023 launch.
The bank said the UAE economy continues to expand, supported by firm domestic demand, population growth and strong credit expansion, despite regional tensions. Activity in tourism, trade and logistics remains moderated, with oil production expected to rise modestly in 2026 before accelerating in 2027.
