Emirates NBD

1. Company Overview & H1 2026 Performance

Emirates NBD delivered another strong first-half performance in 2026, driven by robust loan growth, resilient net interest margins, strong fee income and disciplined cost management. Total income increased 16% year-on-year to AED 27.9 billion, while profit before tax rose 5% to AED 16.2 billion and net profit reached AED 12.9 billion. The Group also surpassed AED 1.3 trillion in total assets and successfully completed the acquisition of RBL Bank in India, strengthening its international presence.

2. Financial Performance Snapshot

• Total Income: AED 27.9B (+16% YoY)

• Operating Profit Before Impairment: AED 19.5B (+17% YoY)

• Profit Before Tax: AED 16.2B (+5% YoY)

• Net Profit: AED 12.9B (+3% YoY)

• Net Interest Income: AED 19.0B (+13% YoY)

• Non-Funded Income: AED 8.9B (+25% YoY)

• Earnings Per Share: AED 1.99 (vs. AED 1.94)

Compared with H1 2025:

• Total income increased from AED 23.9B to AED 27.9B.

• Operating profit before impairment rose from AED 16.7B to AED 19.5B.

• Profit before tax increased from AED 15.4B to AED 16.2B.

• Net profit attributable to shareholders increased from AED 12.5B to AED 12.8B.

3. Balance Sheet & Key Metrics

• Total Assets: AED 1.322 Trillion

• Customer Deposits: AED 892.1B

• Gross Loans: AED 771B

• Shareholders' Equity: AED 152.1B

• Total Equity: AED 158.9B

• CET1 Ratio: 13.6%

• Cost-to-Income Ratio: 29.9%

• Net Interest Margin (NIM): 3.25%

• NPL Ratio: 2.1%

• NPL Coverage Ratio: 152%

• Cost of Risk: 42 bps

The Group maintained strong capital, liquidity and asset quality while continuing to grow its balance sheet.

4. Key Performance Drivers

The Group's H1 2026 performance was supported by:

• Strong loan growth of AED 114 billion (+17% YTD), driven by broad-based demand across sectors and geographies.

• Customer deposits increased by AED 106 billion (+13% YTD), reflecting continued customer acquisition.

• Net interest income increased 13% due to resilient margins and strong asset growth.

• Non-funded income surged 25%, driven by higher fee income, wealth management activity, FX and Global Markets business.

• Operating profit before impairment increased 17% through strong revenue growth and disciplined expense management.

• Asset quality strengthened, with the NPL ratio improving to 2.1%.

5. Strategic Highlights & Outlook

Major strategic developments during H1 2026 included:

• Successfully completed the landmark acquisition of RBL Bank in India.

• RBL added approximately AED 74 billion of assets to the Group following consolidation.

• Islamic banking franchise expanded to more than AED 250 billion in assets.

• Continued investments across the UAE, regional markets, digital transformation and AI initiatives.

• Management expects net interest margin to remain within its 3.1%–3.3% guidance range, with mid-teen loan growth and cost-to-income ratio below 33%.

6. Investor Takeaway

Emirates NBD delivered another high-quality earnings performance in H1 2026, combining double-digit income growth, expanding operating profitability, strong balance sheet expansion and healthy asset quality. The successful acquisition of RBL Bank, together with continued investments in digital capabilities and regional expansion, further strengthens the Group's long-term growth outlook while maintaining solid capital, liquidity and profitability.