#1ترامش Emirates NBD Emirates NED Investor Presentation | FY-2022 C Tmintes Neb CELLL -הגג---- March 2023 1#2Important Information Disclaimer The material in this presentation is general background information about Emirates NBD's activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. The information contained herein has been prepared by Emirates NBD. Some of the information relied on by Emirates NBD is obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. Forward-Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward- looking statements. There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. Emirates NBD undertakes no obligation to revise or update any forward- looking statement contained within this presentation, regardless of whether those statements are affected as a result of new information, future events or otherwise. Rounding Rounding differences may appear throughout the presentation. 2#3Emirates NBD Profile Emirates NBD#4Emirates NBD is a leading bank in the MENAT Region Key Highlights as of December 2022 879 Branches AED 13.00 Share Price As of 26 Jan 2023 AED 742bn Assets As of 31 Dec 2022 AED 503bn Total Deposits As of 31 Dec 2022 AED 456bn Total Loans As of 31 Dec 2022 17 million + 13 customers 4th Largest Bank in GCC 2nd Largest Bank in UAE Countries 35K+ Exchanger Hours 29K+ Employees 56% Government of Dubai Holding USD 4.13bn 18.3% Capital Ratio Brand Value 40% Foreign Ownership Limit AED 82bn Market Cap As of 26 Jan 2023 4#5Emirates NBD at a glance Key Highlights Emirates NBD's International Presence 670 Turkey 1. Largest financial institution in Dubai, 4th largest in the GCC 13 Austria 2. Leading retail banking franchise with a branch network of 879 branches throughout the MENAT region with operations in 13 countries 7 Germany 1 Moscow 3. Leader in digital banking: largest digital lifestyle bank in the region 1 Bahrain 4. 55.8% indirectly owned by the Government of Dubai through ICD 1 London 68 Egypt 8 KSA Stable Credit Ratings 107 UAE 3 India Short-term Long-term Outlook 1 Singapore Moody's P-1 A2 Stable 1 Jakarta 1 Fitch F1 A+ Stable Beijing CI A1 A+ Stable Emirates NBD Emirates NBD Rep. Offices DenizBank 5#6Leader in Digital Banking and Innovation Overview liv. digital bank by Emirates NBD further strengthened its proposition growing its customer base to more than 660,000 customers in UAE & KSA. Liv. during 2022 has launched Liv. Young, the region's first banking app and debit card for kids aged 8-18 years. Liv. Young helps kids build good money habits with features such as saving with goal accoun s, tracking their spends, and earning by completing tasks/ chores assigned by parents. Liv. Prime the subscription-based membership programme, offering customers an enhanced banking and lifestyle experience & Liv. credit cards which offers customers the flexibility to choose and easily switch between reward programmes along with added lifestyle benefits continued to gain traction in the year. Liv. continued to engage customers through various marketing campaigns including the roll out of Liv. Blog to help customers stay up-to-date on money matters. Key Digital Developments 90% of all face-to-face card payment transactions now 'contactless' through Mobile wallet Continued to develop its digital platforms with enhancements to the mobile digital account opening process in UAE and roll out of a self-service tablet banking proposition for account opening & credit cards in KSA The mobile app was enhanced with new features for payments and transfers An enhanced tablet banking solution for new credit card sourcing was Launched Launched DEWA & TECOM IPO portal on Emirates NBD website with real time direct integration with Dubai Financial Market (DFM) Transactions via digital channels Eligible Retail Business customers digitally active Eligible Corporate clients opting for digital platform 2021 2021 2021 96% 84% 98% 85% 91% 91% H1 2022 H1 2022 H1 2022 6#7adidas ESG Performance - Key developments 1. First female director elected to the Board in February 2022. 2. First UAE banking Group to commit to female leadership target, aiming for 25% women in senior management by 2027 3. Denizbank ranked top among Turkish private banks with 38% market share in agricultural lending in 2022 Sales force equipped with tablets streamlining approval process, resulting in 3.3 million of sheets of paper saved Bio-Card issuance increased to 75% in 2022 Emirates BD LUNTEER Excharger ior • • • • Transitioning towards electric and hybrid fleet vehicles. 3% reduction in Greenhouse Gas intensity per employee DenizBank HO is the first project in Europe certified at LEED v4 Gold level All new branches designed to include all Disability Friendly facilities Staff re-skilled and upskilled with 500,000 hours of training 85 nationalities make up diverse workforce of FTES 41% of our employees are Women ENBD aligned with the United Nations Sustainable Development Goal of achieving gender equality Contributed AED 123m to local community in 2022 Emirates NBD 7#8EmCap raised sustainable capital from 20 syndicated loan and debt capital market transactions in 2022 for clients in UAE, Saudi Arabia, India, China, Singapore and Turkey • Raised first Sustainability- linked loan from a bank from the Gulf region: KPI 1: Women in Senior Management KPI 2: Reduction in Water Consumption Green auto loans doubled in 2022 DenizBank provided project financing support of USD 1.1 billion for renewable energy projects and sustainability to date. ENBD Asset Management is a signatory to the UN PRI - Principles for Responsible Investment Wealth Management and Sustainable Investment Framework created and Climate Risk Policy under development For more about ESG report, please visit: ESG Finance and Investment Activities 8#9Stable Shareholder Base and Diversified Business Model Split of Ownership - Anchored by the Government of Dubai Ownership structure as of 31 December 2022 Others 39% Capital Assets 5% Dividend History 2013-2022 Investment Corporation of Dubai 56% • Key Highlights . A flagship bank for the Government of Dubai and the UAE • Strong and supportive shareholder base from the Government of Dubai via Investment Corporation of Dubai International presence in Asia, Europe and MENAT across 13 countries. DenizBank acquisition further enhanced geographic profile Well diversified and balanced asset composition between corporate, consumer and Islamic banking Foreign ownership limit raised to 40% from 20% in July 2020 with foreign ownership at 12.6% on 31 Dec 2022 0.60 Equity Analysts Coverage 0.50 Buy Hold Sell 0.40 0.40 0.40 0.40 0.40 0.40 0.35 Recommendation 12 0.25 Target Price Price 2013 as of 8 March 2023 2022 EPS 2014 2015 2016 2017 2018 2019 2020 2021 2022 All figures in AED 17.30 13.10 1.98 9#10Emirates NBD is a national champion, one of the two largest banks in the UAE Total Income Net Profit In AED mn In AED mn FY 2022 Total Gross Loans In AED bn بنك أبوظبي الأول بنك أبوظبي الأول Emirates NBD 32,507 FAB 13,411 FAB 480 First Abu Dhabi Bank First Abu Dhabi Bank بنك أبوظبي الأول FAB First Abu Dhabi Bank بنك أبوظبي التجاري ADCB بنك دبي الإسلامي Dubai Islamic Bank المشرق mashreq مصرف أبوظبي الإسلامي ADIB Coverage Ratio & NPLs (%) CET-1 Ratio (%) As of 31 December 2022 NPL% As of 31 December 2022 المشرق mashreq 191 2.2 Emirates NBD 15.4 23,934 Emirates NBD 13,010 Emirates NBD 456 Emirates NBD 145 6.0 14,344 بنك أبوظبي التجاري ADCB 14,101 بنك دبي الإسلامي Dubai Islamic Bank 7,496 6,835 المشرق mashreq مصرف أبوظبي الإسلامي ADIB 6,434 بنك أبوظبي التجاري ADCB 5,552 بنك دبي الإسلامي Dubai Islamic Bank 3,706 3,619 مصرف أبوظبي الإسلامي ADIB المشرق mashreq بنك أبوظبي الأول 270 FAB 98 3.9 First Abu Dhabi Bank 195 بنك أبو ظبي التجاري ADCB بنك دبي الإسلامي 113 Dubai Islamic Bank 95 مصرف أبوظبي الإسلامي ADIB المشرق mashreq بنك أبوظبي التجاري ADCB بنك دبي الإسلامي 93 5.3 Dubai Islamic Bank بنك أبوظبي الأول 13.7 13.0 12.9 78 6.5 FAB 12.6 First Abu Dhabi Bank 72 7.7 مصرف أبوظبي الإسلامي ADIB 12.0 10 10#11Economic Environment Emirates NBD#1250 40 30 20 10 0 (10) (20) UAE economy rebounding with 7.6% growth in 2022 and 3.9% expected in 2023 UAE GDP Growth 8.0 % y/y 7.6 3.9 3.9 4.0 2.4 1.2 1.1 0.0 (4.0) (5.0) (8.0) 2017 2018 2019 2020 2021 2022 2023f Dubai property prices growth Jun-15 Dec-15 Jun-16 Dec-16 Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco Jun-17 Dec-17 -Villas Apartments Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Thousands Key Highlights . The Dubai PMI remained robust at 54.5 in January 2023 International visitors reached 14.4 mn, almost double from 2021 total of 7.3 mn Dubai GDP grew by 4.6% in first nine months of 2022 on track to achieve ENBD Research full year forecast of 5% Dubai's sale price for villas up 22% and apartments up 18% y/y in Q4-22 Real estate transactions 35 30 25 20 15 10 5 0 ■■Existing properties Off plan Q1 2019 Q3 2019 Q1 2020 Q3 2020 Q1 2021 Q3 2021 Q1 2022 Q3 2022 12#13Dubai: Positioning for future growth Key contributors of Dubai GDP Trade Other Transport Financial Services Manufacturing Real Estate Services Construction Hospitality Government 24.1 14.8 11.7 10.7 9.3 9.1 6.1 5.1 4.7 4.5 LO 10 15 20 20 25 30 ICT 0 5 Dubai tourists In million tourists 16.7 15.8 15.9 7.3 5.5 2018 2019 2017 2020 Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco 14.4 2021 2022 % Key Highlights • The Dubai PMI remained robust at 54.5 in January 2023 International visitors reached 14.4 mn, almost double from 2021 total of 7.3 mn Dubai GDP grew by 4.6% in first nine months of 2022 on track to achieve ENBD Research full year forecast of 5% Dubai's sale price for villas up 22% and apartments up 18% y/y in Q4-22 Dubai occupancy rates and RevPAR 100 200 80 160 60 120 40 80 20 40 0 0 2016 2017 2018 2019 2020 2021 2022 USD Average hotel occupancy rates (LHS) -Average revenue per available room RevPAR (RHS) 13#14UAE experiences strong population growth in 2022 Dubai private school enrollments 350 Thousands Mobile subscriptions (H1 2022) 20 12.8% 326 -Active Mobile Subscriptions -prepaid -postpaid 15 300 288 289 276 275 267 260 252 250 242 231 212 200 150 % y/y -5 -10 -15 10 5 LO 0 100 -20 Sep-12 Sep-14 Sep-16 Sep-18 Sep-20 Sep-22 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 14#15Financial & Operating Performance Emirates NBD#16Executive Summary FY 22 Results Key Highlights Key Metrics and Guidance AED AED Strong momentum continues with AED 13 bn profit up 40% in 2022 Income 36% higher driven by improved loan & deposit mix coupled with higher interest rates Net Profit AED 13 bn +40% Income AED 32.5 bn +36% Deposits grew by AED 47 bn including AED 20 bn CASA growth AED Record retail financing and AED 50 billion of new corporate lending NIM 3.43% Guidance 2022: 3.2-3.3% 2023: 3.8-4.0% Cost to Income LCR CET 1 28.5% Guidance 2022: ≤ 33% 2023: 33% 182% 15.4% International contributes 39% of diversified income, with ($) Solid balance sheet with improvement in capital, liquidity and credit DenizBank delivering quality and strong strong customer operating profit remain income growth core strengths of the Group NPL Cover 145% Cost of Risk NPL 6.0% Guidance 2022: < mid 6% 2023: < mid 6% 108 bp Guidance 2022: 100-125 bp 2023: ≤ 100 bp Loan Growth Ex. Sovereign 12% Total Loan Growth Guidance 2022: low-single digit 2023: mid-single digit 16#17Consistently profitable due to diversified and resilient business model Return on Average Tangible Equity (excluding 2019 NI gain) 9% 11% 16% 20% 18% 19% 10.2 2.6 20% 17% 10% 13% 17% Total Income CAGR (12-22): 12% Net Profit CAGR (12-22): 17% 17.4 15.2 15.4 14.4 14.7 11.8 2012 2013 23.8 23.2 22.4 14.5 32.5 13.0 9.3 7.0 10.1 4.4 10.0 8.3 7.1 7.2 5.1 3.3 2014 Total Income (AED Bn) 2015 2016 2017 Net Profit (AED Bn) 2018 2019 2020 ■Gain on Disposal of NI 2021 2022 17#18Emirates NBD's profit rises 40% YoY to AED 13 bn on strong diversified income growth Emirates NBD Emirates NBD Excluding DenizBank DenizBank ✡ Key Highlights Income Statement FY 22 FY 21 %A YOY FY 22 %A YOY FY 22 %A YOY (All figures are in AED bn) Net interest income 23.2 16.9 37% 15.6 34% 7.6 43% Non-funded income 9.3 6.9 35% 6.3 22% 3.0 70% Total income 32.5 23.8 36% 21.9 31% 10.6 50% Operating expenses (9.3) (8.0) 16% (6.8) 18% (2.4) 11% Pre-impairment 23.3 15.8 47% 15.1 38% 8.1 68% operating profit Impairment allowances (5.2) (5.9) (12)% (3.5) 9% (1.7) (37)% Tax and others (2.0) (0.6) 214% (0.2) 54% (1.7) 267% Profit after tax & before 16.1 9.3 73% 11.4 49% 4.7 185% hyperinflation Hyperinflation adjustment (3.1) (3.1) Net profit 13.0 9.3 40% 11.4 49% 1.6 (4)% Cost: income ratio 28.5% 33.5% (5.0)% 31.1% (3.4)% 23.0% (8.2)% NIM 3.43% 2.53% 90 bps 2.77% 64 bps 6.81% 246 bps Group profit up 40% on strong diversified income growth - ENBD income higher from improving transaction volumes and increased margins – DeinzBank income higher from increased lending, wider margins and hedging Higher NIMs reflect rising interest rates and an improvement in DenizBank margins Lower provisions as 108bp cost of risk for FY22 reflects higher level of writebacks & recoveries and robust operating environment AED 1.6 bn net profit contribution from DenizBank stable despite AED 3.1 bn hyperinflation adjustment Accelerating investment in international growth and digital Strong new lending to retail and corporates helping offset sovereign repayments AED 20 bn CASA growth demonstrates market penetration and strong UAE liquidity, enabling Group to benefit from rates rises 18#19Quarterly profits again exceed US$ 1bn equivalent Income Statement Q4-22 Q4-21 %ΔΥΟΥ Q3-22 %A QOQ (All figures are in AED bn) Key Highlights Net interest income 7.7 4.3 78% 6.1 27% Non-funded income 2.1 2.2 (3)% 2.4 (12)% Total income 9.8 6.5 50% 8.5 16% Operating expenses (2.9) (2.3) 26% (2.3) 23% Pre-impairment operating profit 7.0 4.2 64% 6.2 13% Impairment allowances (1.9) (2.2) (12)% (1.4) 40% Tax and others (0.4) (0.1) 697% (0.5) 7% Profit after tax and before hyperinflation 4.6 2.0 128% 4.3 6% Hyperinflation adjustment (0.7) (0.5) 28% Net profit 3.9 2.0 94% 3.8 3% Cost: income ratio NIM 29.1% 34.8% (5.7)% 27.4% 4.40% 2.59% 181 bps 3.57% 1.7% 83 bps Balance Sheet 31-Dec-22 31-Dec-21 %A 30-Sep-22 %A (All figures are in AED bn) Total assets 742 687 8% 721 3% Loans (excluding Sovereign) 343 307 12% 343 Continued strong performance in Q4-22 with net profit again exceeding US$1 bn equivalent, an increase of 94% y-o-y on higher net interest income Net interest income up 78% y-o-y on improved loan & deposit mix - Higher interest rates feeding through to margins - Strong new lending growth Non-funded income decreased marginally by 3% y-o-y Group accelerating investment in international, digital and data Q4-22 impairment allowances improved 12% y-o-y on higher writebacks and recoveries Healthy new lending on continued strong retail and renewed corporate lending demand Group maintains strong Capital and Liquidity with coverage ratio highest amongst regional peers Sovereign lending 113 152 (26)% 114 (1)% Total Gross Loans 456 459 (1)% 457 Deposits 503 456 10% 481 5% CET-1 (%) 15.4% 15.1% 0.3% 15.5% LCR (%) 182% 178% 5% 152% (0.1)% 30% NPL ratio (%) 6.0% 6.3% (0.3)% 5.8% 0.2% 19#20Higher NIM guidance as interest rates rises feed through Net Interest Margin (%) Quarterly NIM -- YTD NIM 4.40- 3.57 3.43 3.09 2.82 2.89 2.47 2.59 2.60 3.10 2.65 2.86 2.53 2.60 1.5% 2.5% 1.75% 0.25% 0.25% 0.50% 1.75% Fed Funds Upper Bound 3.25% 4.50% 2017 2018 2019 2020 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 NIM drivers FY22 vs FY21 (%) 3.43 (0.22) 2.53 (0.25) 0.26 1.12 Key Highlights FY22 NIM improved 90 bps y-o-y due to interest rate rises and higher DenizBank NIMS Q4-22 NIM up 83 bps q-o-q on improved loan and deposit mix and higher interest rates 2023 guidance set at 3.8-4.0% as impact of recent rate rises flows through, offset by anticipated CASA migration and lower expected DenizBank's NIMS NIM drivers Q4-22 vs Q3-22 (%) 3.57 (0.38) (0.23) 0.30 1.14 4.40 FY 21 Loan Yield Deposit Cost Treasury & Other DenizBank FY 22 Q3 22 Loan Yield Deposit Cost Treasury & Other DenizBank Q4 22 20#21Non-funded Income Non-funded income FY-22 FY-21 %ΔΥΟΥ (All figures are in AED bn) Fee and Commission income 7,004 6,475 8% Fee and Commission expense (2,923) (2,639) 11% Net Fee and Commission 4,081 3,836 6% Income Other operating income 5,152 2,910 77% Gain/loss on trading securities 52 151 (66)% Total Non-funded income 9,285 6,897 35% Fee and Commission Income Key Highlights Healthy trend in fee and commission income, 8% higher y-o-y from increased local and international retail card business at both ENBD and DenizBank and strong investment banking revenue Other operating income up 77% in 2022 due to higher retail FX volumes as customers increased remittance at favorable rates and higher corporate hedging activity to lock in lower funding costs Other operating income lower in Q4-22 due to lower property gains and FX and derivative income reverting to levels of earlier quarters Other Operating Income (All figures are in AED bn) (All figures are in AED bn) 1,538 1,527 1,801 1,806 1,870 1,378 1,188 1,552 1,388 1,041 63 54 73 Brokerage & AM fees 113 192 58 233 218 228 Trade Finance LO 5 28 198 359 49 28 158 430 217 85 49 Fee Income 1,505 1,533 1,569 1,232 1,271 Investment Sec. Property & Other 1,188 1,202 921 922 907 FX & Derivative Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 21#22Improving loans and deposit mix Gross Loans by Type (All figures are in AED bn) -1% 459 463 463 457 456 DenizBank - 65 65 66 66 69 ΕΙ 47 50 52 52 53 Retail - 56 59 61 63 63 Sovereign 152 139 124 114 113 Corporate 139 150 160 163 158 - Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Deposits by Type (All figures are in AED bn) Key Highlights Gross lending ex. Sovereign grew up 12% (AED 36 bn) in FY22 - Retail lending up 12% (AED 7 bn) with strong demand across all products - Corporate lending ex. Sovereign up 14% (AED 19 bn) EI Financing and Receivables up 13% (AED 6 bn) DenizBank's gross loans up 7%, after FX Deposit mix improved in 2022 with an impressive AED 20 bn increase in CASA balance demonstrating our market penetration and strong UAE liquidity CASA represents 60% of total Group deposits DenizBank's deposits up 19% in FY22 Gross Loans by Sector (%) Net Loans by Geography (%) Sovereign 25% +10% 456 469 468 481 503 Agri 1% 82 DenizBank 69 70 73 79 Other 3% 19 Other 10 10 13 16 Manuf. 5% 117 124 118 114 128 Time CASA 254 272 264 272 274 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Trans & Services 11% Trade 7% Construction & Hotel 5% FI & Mgmt Cos 8% Real Estate 11% Personal 25% International 25% GCC 2% UAE 73% 22#23Credit quality improving with market leading coverage Impaired loans and allowances (All figures are in AED bn) 6.3 6.4 6.1 5.8 6.0 37.2 37.9 37.7 37.9 39.4 29.2 29.5 28.3 26.6 27.3 143 145 128 129 133 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Impaired Loans (AED Bn) Impairment Allowances (AED Bn) * Coverage ratio (%) NPL Ratio (%) Coverage by Stage* * Stagewise ECL (AED bn) Key Highlights NPL ratio improved by 0.3% to 6.0% in 2022 on continued strong writebacks and recoveries • Coverage ratio strengthened 17% to 145% in 2022 - S3 coverage increased to 98.8% as writeback and recoveries reduced impaired loan balances - S1 & S2 coverage increased due to a movement in MEV assumptions 108 bps cost of risk within guidance 2023 guidance lowered to '<100bp' on recovery pipeline and higher coverage level attained by DenizBank since acquisition Total Gross Loans 37.2 39.4 1.1% Stage 1 Stage 2 1.0% 22.2% 3.8 4.8 Stage 1 FY-21 | AED 459bn 26.8% 6.9 7.8 Stage 2 Stage 1 86.8% Stage 2 6.8% Stage 3 6.3% Stage 3 90.6% 98.8% 26.4 26.8 Stage 3 FY-21 FY-22 FY-21 FY-22 Includes purchase originated credit impaired loans of AED 0.8 bn (Dec-21: AED 1bn) acquired at fair value / **Stage 3 coverage adjusted for POCI acquired at FV FY22 | AED 456bn Stage 1 87.7% Stage 2 6.4% Stage 3 6.0% 23#24Costs firmly controlled, focus on future growth Cost to Income Ratio (%) 34.8 33:5 30.8 Q4 21 30.8 Q1 22 CI Ratio (YTD) CI Ratio (QTD) Operating expenses trends (All figures are in AED mn) +26% 28.7 28.2 26.7 29.1 28.5 27.4 Q2 22 Q3 22 Q4 22 Upper Guidance range 2,858 2,272 2,327 857 1,965 2,078 Other Cost 499 625 457 219 IT & Commun. 400 177 182 268 156 175 255 Dep. & Amort. 236 217 208 Staff Cost 1,229 1,192 1,238 1,396 1,514 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Key Highlights FY22 cost to income ratio at 28.5% within guidance reflecting stronger income enabling accelerated investment for growth Staff costs increased y-o-y on incentives to drive underlying earnings and investment in human capital for future growth in digital and international Higher depreciation and amortization costs reflect increased investment in digital platforms Other costs increased due to seasonality, campaigns and professional fees Operating expenses composition (%) Breakdown as of FY22 0 Staff 58% Depreciation 8% Amortization 2% Other 13% IT 5% Occupancy 3% Equip. & Supp. 3% Commun. 3% Service & Legal 3% Marketing 2% 24#25Funding & Liquidity remains very healthy Advances to Deposit and Liquidity Coverage Ratio (%) ADR % 180 LCR % 178 160 182 100 96 157 155 152 140 93 91 91 92 87 120 88 82 100 84 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Composition of Liabilities and Debt Issued (%) Banks 6% Others 8% Key Highlights * LCR of 182% and ADR of 82% demonstrate healthy liquidity Liquid assets of AED 75 billion cover 12% of total liabilities, 15% of deposits AED 7 bn of term debt issued in 2022 despite challenging market conditions AED 8.6bn maturities in 2023 comfortably within Group's issuance capabilities Emirates NBD successfully issued an AED 1 bn 3-year public bond in Jan-23, becoming the first issuer to access this market since UAE Ministry of Finance developed local yield curve Maturity Profile of Debt/ Sukuk Issued AED 57.2bn 8.6 10.9 9.5 7.8 20.4 0.0 Customer Deposits 78% 0.4 0.4 20.3 Debt/Sukuk 9% 1.6 0.0 6.4 9.1 7.0 7.7 4.1 2023 2024 2025 2026 Beyond 2026 * Includes cash and deposits with Central Banks, excludes interbank balances and liquid investment securities ENBD ■Club Deal ■Deniz Bank 25#26Capital ratios remain solid Capital (All figures are in AED bn) 67.5 12.7 0.7 (3.8) (0.5) 5.5 91.2 9.1 76.6 Key Highlights CET-1 ratio improved by 0.3% to 15.4% during 2022 as AED 8.9 bn of net earnings after proposed dividend more than offset 12% increase in RWAs Capital ratios well above 11% / 12.5% / 14.5% CBUAE min. requirement CET-1 at 14.7% excluding ECL regulatory add-back CET1 Net Proposed Interest ECL add- CET1 31-Dec-21 earnings dividend on AT1 back 31-Dec-22 IAS 29 hyperinflation adjustment is capital neutral T1 T2 Capital 31-Dec-22 Risk Weighted Assets (AED bn) Capital Ratios % +12% 18.3 18.1 18.0 18.5 18.3 446 458 479 490 499 T2% 1.1 1.1 1.1 1.1 1.1 2.1 2.0 1.9 1.9 1.8 DenizBank 117 123 132 AT1% 110 113 31 31 31 33 Op. Risk 31 11 11 11 10 10 Market Risk 15.1 15.0 15.0 15.5 15.4 Credit Risk 296 304 320 326 323 CET1% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 26#27Divisional Performance Operating Segment Metrics FY22 %A YOY Income (mn) 10,234 27% Expense (mn) 2,702 21% Retail Banking and Wealth Management Profit (mn) 6,412 23% • Loans (bn) 63 12% • Deposits (bn) 215 20% Income (mn) 5,574 (2)% Expense (mn) 595 10% Corporate and Institutional Banking Profit (mn) 3,291 Loans (bn) 271 (7)% Deposits (bn) 150 4% • Income (mn) 3,182 33% . Expense (mn) 1,539 29% Emirates Islamic Profit (mn) 1,240 51% 5% Key Highlights • Retail Banking and Wealth Management Strong loan growth in 2022 with Loan origination up 39%, Credit Card acquisitions up 100% and Card spends up 31 % y-o-y Lending increased by AED 7 bn and CASA grew by AED 27 bn in 2022 Income up 27% with fee income growing by 34% Rollout of enhanced mobile banking app ‘ENBD X'; delivering a new standard in customer service Enhanced credit card and personal loan application process, enabling instant approval Successful launch of series of Strategic Investment Funds supporting investment into IPOs in UAE Launched DEWA, TECOM and Salik IPO portal on the Emirates NBD website with real time direct integration with DFM for new investors Corporate and Institutional Banking • Lead delivery of over AED 31 bn IPOs supporting growth in Dubai economy, with end-to-end IPO subscription website offering real-time on-boarding through state-of-the-art fully digital platform Implemented cutting-edge new businessONLINE platform Profit 5% higher from increased ECM, Trade Finance and Treasury sales income and lower provisions AED 50 bn of new lending offset substantial contractual repayments Continued focus on improving funding cost by growing CASA balances and retiring expensive deposits Emirates Islamic Loans (bn) 53 13% Deposits (bn) 56 19% Income (mn) 1,773 <100% Global Markets and Treasury Expense (mn) 165 14% <100% Profit (mn) 1,523 Income (mn) 10,562 50% • Expense (mn) 2,448 11% DenizBank Profit (mn) 1,585 (4)% Loans (bn) 69 7% • Net profit up 51% y-o-y to record AED 1.2bn on higher income • Gross Customer financing at AED 53 bn, increased 13% from 2021, and customer deposits increased 19% in FY22 with CASA now 74% of total deposits Global Markets and Treasury (GM&T) GM&T delivered outstanding performance with profit surpassing AED 1.5 bn mark for first time ever NII grew as balance sheet positioned for rate rises and increase in banking book investment income NFI doubled on strong Trading performance and Sales grew revenue by 55% on strong client FX flows International Treasuries doubled their revenue contribution. GM&T were one of the most active primary dealers for T-Bonds issued by Ministry of Finance. DenizBank Stable profit as income up 50% by AED 3.5 billion and Impairment allowances AED 1.0 billion lower on strong writebacks and recoveries helping offset AED 3.1 billion hyperinflation adjustment Deposits (bn) 82 19% 27#28Appendix Emirates NBD#29Dec-19 441 Mar-20 451 Jun-20 466 Hyperinflation Türkiye Consumer Price Index +156% Sep-20 477 Dec-20 505 Mar-21 524 56% Jun-21 547 Sep-21 571 Dec-21 687 Mar-22 844 846 64% Sep-22 1,047 Jun-22 Dec-22 1,128 1.6 3.5 Turkish CPI grew by 156% over preceding three-years and by 64% in 2022 DenizBank's results and financial position included within ENBD's consolidated Financial Statements are adjusted with effect from 1-Jan-22 Monetary Liabilities Monetary Assets Net Monetary Equity Position Non-monetary Liabilities Non-monetary Assets Net Profit FY21 Income Expenses Provisions Tax & others Profit after tax FY22 Hyperinflation Net Adj Profit FY22 AED 0.6 bn credit to equity representing the impact of indexing non-monetary items from date of acquisition until 31-Dec-21 The positive impact on capital of 17 bps from hyperinflation adjustment is excluded from capital adequacy computations Group EPS for 2022, excluding hyperinflation adjustment, is 79% higher at AED 2.47 compared to 1.38 for FY21 Hyperinflation accounting not mandated by local regulator in 2022 Key Highlights Loss on net monetary position for DenizBank was AED 3.1 bn for 2022 AED 3.1 bn debit P&L charge with corresponding credit offset to OCI making it capital neutral 29 1.0 (1.3) (0.2) 4.7 (3.1) 1.6#30Income Statement Emirates NBD Emirates NBD Excluding DenizBank DenizBank✡ Income Statement (All figures are in AED bn) FY 22 FY 21 %ΔΥΟΥ FY 22 FY 21 %A YOY FY 22 FY 21 %A YOY Net interest income 23.2 16.9 37% 15.7 11.7 34% 7.6 5.3 43% Non-funded income 9.3 6.9 35% 6.3 5.1 22% 3.0 1.8 70% Total income 32.5 23.8 36% 21.9 16.8 31% 10.6 7.0 50% Operating expenses (9.3) (8.0) 16% (6.8) (5.8) 18% (2.4) (2.2) 11% Pre-impairment 23.3 15.8 47% 15.1 11.0 38% 8.1 4.8 68% operating profit Impairment allowances (5.2) (5.9) (12)% (3.5) (3.2) 9% (1.7) (2.7) (37)% Tax and others (2.0) (0.6) 214% (0.2) (0.1) 54% (1.7) (0.5) 267% Profit after tax & before hyperinflation 16.1 9.3 73% 11.4 7.7 49% 4.7 1.6 185% Hyperinflation adjustment (3.1) (3.1) Net profit 13.0 9.3 40% 11.4 7.7 49% 1.5 1.6 (4)% Cost: income ratio 28.5% 33.5% (5.0)% 31.1% 32.2% (3.4)% 23.0% 31.2% (8.2)% NIM 3.43% 2.53% 90 bps 2.77% 2.13% 64 bps 6.81% 4.35% 246 bps 30#31US$ convenience translation Emirates NBD Emirates NBD Excluding DenizBank DenizBank ✡ Income Statement (All figures are in USD bn) Net interest income Non-funded income Total income Operating expenses Pre-impairment FY 22 FY 21 %A YOY FY 22 %A YOY FY 22 %A YOY 6.3 4.6 37% 4.3 34% 2.1 43% 2.5 1.9 35% 1.7 22% 0.8 70% 8.9 6.5 36% 6.0 31% 2.9 50% (2.5) (2.2) 16% (1.9) 18% (0.7) 11% 6.3 4.3 47% 4.1 38% 2.2 68% operating profit Impairment allowances (1.4) (1.6) (12)% (1.0) 9% (0.5) (37)% Tax and others (0.5) (0.2) 214% (0.1) 54% (0.5) 267% Profit after tax & before hyperinflation 4.4 2.5 73% 3.1 49% 1.3 185% Hyperinflation adjustment (0.8) (0.8) Net profit 3.5 2.5 40% 3.1 49% 0.4 (4)% Cost: income ratio 28.5% 33.5% (5.0)% 31.1% (3.4)% 23.0% (8.2)% NIM 3.43% 2.53% 90 bps 2.77% 64 bps 6.81% 246 bps 31#32US$ convenience translation Income Statement (All figures are in USD bn) Net interest income Non-funded income Total income Q4-22 Q4-21 %ΔΥΟΥ Q3-22 %A QOQ 2.1 1.2 78% 1.7 27% 0.6 0.6 (3)% 0.7 (12)% 2.7 1.8 50% 2.3 16% Operating expenses (0.8) (0.6) 26% (0.6) 23% Pre-impairment operating profit 1.9 1.1 64% 1.7 13% Impairment allowances (0.5) (0.6) (12)% (0.4) 40% Tax and others (0.1) 0.0 697% (0.1) 7% Profit after tax and before hyperinflation 1.3 0.5 128% 1.2 6% Hyperinflation adjustment (0.2) (0.1) 28% Net profit 1.1 0.5 94% 1.0 Cost: income ratio 29.10% 34.8% (5.7)% 27.4% 3% 1.7% NIM 4.40% 2.59% 181 bps 3.57% 83 bps Balance Sheet 31-Dec-22 31-Dec-21 %A 30-Sep-22 %A (All figures are in USD bn) Total assets 202 187 8% 196 3% Loans (excluding Sovereign) 93 84 12% 93 Sovereign lending 31 41 (27)% 31 (1)% Total Gross Loans 124 125 (1)% 125 Deposits 137 124 10% 131 5% CET-1 (%) 15.4% 15.1% 0.3% 15.5% (0.1)% LCR (%) 182% 178% 4% 152% 30% NPL ratio (%) 6.0% 6.3% (0.3)% 5.8% 0.2% 32#33Emirates NBD Dusit Thani ט 33