Emirates NBD Earnings Overview H1-2023
Stable Shareholder Base and Diversified Business Model
Split of Ownership - Anchored by the Government of Dubai
Ownership structure as of 31 March 2023
Others
39%
Capital Assets
5%
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 14.1% on 14 July 2023
Dividend per share grew 150% since 2013
Dividend per share growth (CAGR) of 10% p.a.
0.60
Equity Analysts Coverage
0.50
Buy
Hold
Sell
0.40 0.40
0.40 0.40
0.40
0.40
0.35
0.25
Recommendation
Average Target Price
Price as of 19 September 2023
H1-2023 EPS
14
1
19.51
17.90
1.90
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
All figures in AED
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