Emirates NBD’s growth accelerates to 17.5% during Q2-2024

Emirates NBD achieved an acceleration in growth during the second quarter of the current year compared to the first quarter of 2024, recording a composite growth rate of 17.53% during Q1-2024, compared to a composite growth rate of 8.22% during first quarter of this year.

This came according to the composite growth index that First Bank developed to measure the financial performance of banks with one number, which shows the compound growth of the bank in 4 indicators, namely net profit, assets, total customer loans, and deposits.

Emirates NBD managed to achieve positive results in all sub-indicators comprising the composite First Bank index during the first quarter of the current year, especially in net profits, registering a growth rate of 52.22% in its net profits during Q2-2024.

The bank's total customer loans contributed to this growth, with a growth rate of 9.80% during the second quarter of this year, while total assets and deposit portfolios increased by growth rates of 4.30% and 3.76%, respectively, during the period from March to June 2024.

As for Q1-2024, net profits were also the most impactful factor in the growth of the composite First Bank index, as the bank achieved a growth rate of 13.34% in its net profits during the period from January to March 2024.

The bank's total loans rose by 8.35% during the second quarter of the current year, while asset portfolio and customer deposits increased by growth rates of 7.20% and 3.97%, respectively, during the same period.

It is worth noting that all values used in calculating the growth rates mentioned in the analysis are based on the financial statements announced at the end of the periods, available on the bank's official website.