Emirates NBD delivered record pre-tax profit of AED 16.2 billion in the first half of 2026, up 5% year-on-year, as net interest income rose 13% and non-funded income climbed 25%. Net profit after tax reached AED 12.9 billion, a 3% increase on the same period last year, while total income grew 16% to AED 27.9 billion.
The group’s balance sheet surpassed AED 1.3 trillion for the first time. Total loans rose 17% to AED 771 billion, driven by strong lending activity in the UAE and the consolidation of RBL Bank’s results following the acquisition’s completion. Deposits grew 13% to AED 892 billion. Asset quality remained stable, with cost of risk at 42 basis points, and capital and liquidity ratios described as market-leading.
The RBL Bank acquisition contributed AED 74 billion in total assets, AED 44 billion in loans, and AED 43 billion in deposits to the group’s consolidated figures. Operating profit before impairment allowances rose 17% year-on-year to AED 19.5 billion.
Hesham Abdulla Al Qassim, Vice Chairman and Managing Director, said the results reflect “the strength, resilience and growing confidence in the UAE economy,” adding that the RBL acquisition represented a strategic addition that reinforces the group’s long-term expansion ambitions and positions it in markets with meaningful growth potential. He also noted that Emirates NBD’s combined Islamic banking franchise, through Emirates Islamic and its Islamic window, now holds Islamic assets exceeding AED 250 billion.
Group CEO Shayne Nelson pointed to a landmark AT1 bond issuance of $750 million as evidence of investor confidence in the bank, describing it as a first of its kind in GCC debt capital markets. He added that Emirates NBD ranked first in the inaugural Evident AI Index for banks in the Middle East and Africa, reflecting what he called the group’s institutional commitment to deploying artificial intelligence at scale. Assets under management stand at $105 billion, with double-digit growth in the UAE recorded since April 2026.
CFO Patrick Sullivan said the loan growth of AED 114 billion during the half reflects both organic momentum in the UAE and the RBL consolidation, while cost discipline contributed to the strong operating profit expansion.
Looking ahead, the bank expects UAE domestic demand to remain solid despite global uncertainty, citing PMI data showing continued expansion in the non-oil economy. In Saudi Arabia, the non-oil sector improved through the second quarter, partly on higher government spending. Egypt’s flexible exchange rate regime has helped buffer the economy, with the pound recovering some of its March losses. Turkey is expected to see further disinflation if oil prices stay moderate, which could allow its central bank to resume rate cuts. India’s GDP growth is projected to stay on a strong trajectory despite geopolitical headwinds.
