Q1 2026 Emirates Nbd Bank PJSC Earnings Call Transcript
Key Points
- Emirates NBD PJSC (DFM:EMIRATESNBD) reported a record total income of AED14.4 billion for Q1 2026, marking a 21% increase year-on-year.
- The bank's profit before tax increased by 28% over the preceding quarter and 6% year-on-year to AED8.2 billion.
- Deposits grew by AED44 billion, supported by a growing customer base across all segments.
- Emirates Islamic delivered a AED1 billion profit before tax in Q1 2026, reinforcing its position as a leading Islamic bank in the UAE.
- The bank maintained a strong capital position with a CET1 ratio of 14.2%, well above regulatory requirements.
- There is potential pressure on margins for DenizBank due to increased funding costs in Turkey following central bank rate hikes.
- The bank's cost of risk guidance may need to be updated in Q2 due to the current geopolitical environment.
- Stage 2 loans saw an 18% growth quarter-on-quarter, indicating some credit quality concerns.
- The hospitality sector, although a small part of the portfolio, faces challenges due to low occupancy rates.
- Hyperinflation in Turkey continues to impact financial results, with expectations that hyperinflation accounting may persist until early 2028.
Ladies and gentlemen, welcome to Emirates NBD results call and webcast for the first quarter of 2026. Today's call is being recorded. (Operator Instructions)
I'll now pass the call over to our host, Mr. Shayne Nelson, Group CEO of Emirates NBD.
Thank you, [Elliot], and welcome to our results call for the first quarter of 2026. I know you all have a busy schedule. With a couple of our competitors after this call, so we'll try to keep it brief and allow plenty of time for questions for you.
Before we go through the results, I'd like to take this opportunity to acknowledge how incredibly grateful and proud we are of the UAE's leadership and their title efforts in safeguarding the nation during these challenging times. I'd also like to express my heartfelt appreciation to the entire ENBD family, the swift and coordinated efforts. Across the bank to ensure the safety of our people and the continuity of our operations.
Against the backdrop of heightened geopolitical
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