Emirates NBD Earnings Overview H1-2023
Costs firmly controlled with focus on future growth
Cost to Income Ratio (%)
29.1%
28.7%
28.2%
28.5%
27.4%
26.7%
Q2-22
25.3%
26.0%
25.6%
25.3%
Q3-22
Q4-22
Q1-23
Q2-23
CI Ratio (Quarterly)
Upper Guidance range
CI Ratio (YTD)
Operating expenses trends
(AED m)
36%
2,858
2,817
2,642
2,327
857
794
2,078
620
Other Cost
499
457
219
219
211
177
268
236
178
IIT & Commun.
175
255
208
Dep. & Amort.
■Staff Cost
1,238
1,396
1,514
1,567
1,634
Q2-22
Q3-22
Q4-22
Q1-23
Q2-23
•
Key Highlights
H1-23 cost to income ratio at 25.6% comfortably within guidance as
continued acceleration of investment for growth supported by higher income.
Staff costs increased y-o-y to deliver strong business growth and investment
in human capital for future growth in digital and international
Other costs increased q-o-q on higher service, legal and professional fees,
an increase in VAT associated with higher business volumes and social
contributions
Operating expenses composition (%)
Breakdown as of H1-23
0
Staff 58%
Other 18%
Depreciation 6%
IT 4%
Occupancy 3%
Communication 3%
Service & Legal 3%
Equip. & Supp. 2%
Marketing 2%
Amortization 0%
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