Investor Presentation

November 2023

Principal Banking Partner – COP28 UAE

Emirates NBD | 60 years together

Important 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.

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. 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.

Rounding

Rounding differences may appear throughout the presentation.

Emirates NBD Profile

Emirates NBD is a leading bank in the MENAT Region

• Region's most profitable bank – US$ 4.8bn in 9M'23
• 4th Largest Bank in GCC by Assets
• 2nd Largest Bank in UAE by Assets
• AED 17.15 Share Price (As of 2 Nov 2023, +31.9% YTD)
• AED 108bn Market Cap (As of 2 Nov 2023)
• AED 32.7bn Total Income
• AED 17.5bn Profit
• 4.00% Net Interest Margin
• AED 836bn Total Assets
• AED 570bn Total Deposits
• AED 494bn Total Gross Loans
• 19.7% Capital Ratio
• 56% Government of Dubai Holding
• 40% Foreign Ownership Limit | 14% Foreign Ownership (As of 2 Nov 2023)
• 13 Countries
• 853 Branches
• 20 million + customers

Emirates NBD at a glance

Key Highlights

1. Largest financial institution in Dubai, one of the largest and most profitable in GCC
2. Leading retail banking franchise with a branch network of 853 branches throughout the MENAT region with operations in 13 countries
3. Leader in digital banking: largest digital lifestyle bank in the region
4. 55.8% indirectly owned by the Government of Dubai through ICD

Stable Credit Ratings

	Short-term	Long-term	Outlook
Moody's	P-1	A2	Stable
Fitch	F1	A+	Stable
CI	A1	A+	Stable

Emirates NBD's International Presence

• 643 Turkey (DenizBank)
• 109 UAE
• 68 Egypt
• 13 KSA
• 11 Austria
• 3 Germany
• 3 India
• 1 Moscow
• 1 Bahrain
• 1 London
• 1 Singapore
• 1 Jakarta
• 1 Beijing

Stable Shareholder Base and Diversified Business Model

Split of Ownership – Anchored by the Government of Dubai

Ownership structure as of September 2023:

• Investment Corporation of Dubai: 56%
• Others: 39%
• Capital Assets: 5%

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 at 14.1% on 2nd November 2023 with FOL limit increased to maximum permissible 40% in July 2020

Dividend per share grew 150% since 2013

Dividend per share growth (CAGR) of 10% p.a.

Year	DPS (AED)
2013	0.25
2014	0.35
2015	0.40
2016	0.40
2017	0.40
2018	0.40
2019	0.40
2020	0.40
2021	0.50
2022	0.60

Equity Analysts Coverage

	Buy	Hold	Sell
Recommendation	15	1	-
Average Target Price		20.02
Price as on 2nd November 2023		17.15
9M'23 EPS		2.71

Leader in Digital Banking and Innovation

Overview

Liv. is Emirates NBD's digital bank with over 450,000 customers. It has been refreshed with a new product portfolio and value proposition, focused on enabling the Gen Now to "Liv Ahead".

Key products:

• Liv Bonus Multiplier Account – A gamified savings/current account providing up to 3% increment on salary for banking more with Liv
• Liv Money Ahead – A rewarding Fixed Deposit account providing upfront interest of 4%, with a lock-in period of 120 days during the campaign
• Liv World Credit Cards – Allow one-click switching between reward programs, without requiring a change of the card number or card plastic
• Liv Goal Account – A savings account through which customers can set specific goals and set up rules to save for them in a targeted way
• Liv Young – Enables parents and guardians to open a mobile-based account for their children and wards between the ages of 8 to 17

Key Digital Developments

• Enhanced everyday banking app ENBD X launched with 150+ services, including 100+ STPs
• Launched a digital wealth platform, embedded in ENBD X, enabling customers to trade >11K global and local equities and ETF across 21 global and local stock exchanges
• Enabled instant journeys across accounts, credit cards, and personal loans on tablet banking, reducing back-office processing significantly
• Upgraded website platform to best-in-class Sitecore CMS, enabling faster performance and improved security
• Accelerated ATM cash withdrawal by 2.6x through journey optimizations
• Revamped WhatsApp banking application, activating 14 high-use journeys

Digital Adoption Metrics

• Transactions via digital channels: 96% (2021) → 98% (H1 2023)
• Eligible Retail Business customers digitally active: 84% (2021) → 85% (H1 2023)
• Eligible Corporate clients opting for digital platform: 91% (2021) → 91% (H1 2023)

Emirates NBD is one of the largest and most profitable banks in the MENAT region…

9M'2023 Comparison (Regional Banks)

Bank	Total Income (USD mn)	Net Profit (USD mn)	Total Assets (USD bn)	Total Deposits (USD bn)
Emirates NBD	8,909	4,763	228	155
QNB	7,830	3,292	326	226
SNB	6,924	4,046	274	167
FAB	5,592	3,375	323	214
Al Rajhi Bank	5,462	3,320	214	151
ADCB	3,323	1,566	146	86

… and Emirates NBD is a national champion, One of the two largest banks in the UAE

9M'2023 Comparison (UAE Banks)

Bank	Total Income (AED mn)	Net Profit (AED mn)	Total Gross Loans (AED bn)	Coverage Ratio	NPL%	CET-1 Ratio (%)
Emirates NBD	32,719	17,493	494	145	5.5	16.9
FAB	20,538	12,395	500	223	1.5	15.6
Dubai Islamic Bank	14,548	5,768	296	97	3.9	14.2
ADCB	12,205	5,752	208	91	5.4	13.6
mashreq	7,907	4,823	118	84	6.0	13.5
ADIB	6,694	3,750	106	70	6.6	13.4

Economic Environment

Forecasted non-oil GDP growth revised up to 5% in 2023

Key Highlights

• The Dubai PMI rose to a three-month high of 56.1 in September 2023 on strong business outlook
• Dubai tourism flourishing with visitors exceeding 11mn during 2023
• Dubai's Villa sales prices rose 17.1% y/y and Apartments up 15.8% y/y in Q2 2023
• Office rents rose 18% y/y in Q2 2023
• Off-plan sales made up 56% of total residential transactions

UAE GDP Growth

Year	Growth %
2017	0.7
2018	1.3
2019	1.1
2020	-5.0
2021	4.4
2022	7.9
2023f	2.9
2024f	3.6

Key contributors of Dubai GDP – H1 2023

• Other: 26
• Trade: 24
• Transport: 14
• Financial Services: 12
• Manufacturing: 8
• Real Estate Services: 8
• ICT: 5

Dubai private school enrollments (in thousand pupils)

• Sep-12: 212, Sep-13: 231, Sep-14: 242, Sep-15: 252, Sep-16: 260, Sep-17: 267, Sep-18: 276, Sep-19: 288, Sep-20: 275, Sep-21: 289, Sep-22: 326, Sep-23: 365 (12% growth)

Dubai: Positioning for future growth

Dubai property prices growth

• Villas and Apartments price growth tracked from Jun-15 to Dec-22
• Significant upward trend in villa and apartment prices from 2020 onwards

Real estate transactions

• Existing properties and Off-plan transactions tracked from Q1 2019 to Q3 2023
• Strong growth in total transactions, particularly off-plan

Dubai Tourists (in millions)

• 2018, 2019, 2020, 2021, 2022, Aug-23 data shown
• Significant dip in 2020, strong recovery through 2022 and Aug-23

Dubai occupancy rates and RevPAR

• Occupancy rate (%, lhs) and RevPAR (USD, rhs) tracked from 2016 to 2022
• Recovery in both occupancy and RevPAR post-2020

Source: UAE Central Bank, Bloomberg, UAE Ministry of Health, Asteco

Financial & Operating Performance

Executive Summary Q3 23 Results

Key Highlights

• Record profit of AED 17.5 bn in 9M'23 on higher income & strong recoveries
• Record income of AED 32.7 bn in 9M'23 on strong loan & deposit mix coupled with higher interest rates
• Deposits grew 13% by AED 67 bn, including AED 33 bn CASA growth
• 8% loan growth on strong Retail lending momentum with Corporate closing landmark deals across the region
• Sustainable Finance Framework launched and issued largest ever green bond from a regional bank
• Solid balance sheet with improvement in capital, liquidity and credit quality and strong profit remain core strengths of the Group

Key Metrics and Guidance

Metric	Value	Guidance
Profit	AED 17.5 bn (+92%)	-
Income	AED 32.7 bn (+44%)	-
NIM	4.00%	3.8-4.0%
Cost to Income	25.5%	≤ 33%
LCR	190%	-
CET 1	16.9%	-
NPL Cover	145%	-
NPL ratio	5.5%	Revised to less than 6%
Cost of Risk	42 bp	~50-70 bp
Loan Growth	8%	high-single digit

Consistent profitability due to diversified and resilient business model

Return on Average Tangible Equity (excluding 2019 NI gain)

Year	ROATE
2013	11%
2014	16%
2015	20%
2016	18%
2017	19%
2018	20%
2019	17%
2020	10%
2021	13%
2022	17%
9M'23	27%

Total Income and Net Profit (AED Bn)

Year	Total Income	Net Profit
2013	11.8	3.3
2014	14.4	5.1
2015	15.2	7.1
2016	14.7	7.2
2017	15.4	8.3
2018	17.4	10.0
2019	22.4	14.5
2020	23.2	7.0
2021	23.8	9.3
2022	32.5	13.0
9M'23	32.7	17.5

• Total Income CAGR (13-9M'23): 14%
• Net Profit CAGR (13-9M'23): 22%

* 2019 includes gain on disposal of NI AED 4.4 bn

AED 17.5 bn record profit rises 92% y-o-y on strong diversified income growth and healthy recoveries

Income Statement (All figures are in AED bn)

	9M'23	9M'22	%∆ YoY	Q3-23	%∆ YoY	%∆ QoQ
Net interest income	22.3	15.5	43%	7.8	29%	8%
Non-funded income	10.5	7.2	46%	3.6	49%	0%
Total income	32.7	22.7	44%	11.4	35%	6%
Operating expenses	(8.4)	(6.4)	31%	(2.9)	24%	3%
Operating profit before impairment	24.4	16.3	50%	8.5	39%	7%
Impairment allowances	(1.5)	(3.3)	(54)%	(0.6)	(60)%	16%
Profit before tax & others	22.9	13.0	75%	8.0	67%	6%
Hyperinflation adjustment	(3.2)	(2.4)	31%	(1.8)	236%	248%
Tax	(2.2)	(1.5)	44%	(0.9)	102%	22%
Profit	17.5	9.1	92%	5.2	38%	(16)%
Cost: income ratio	25.5%	28.2%	(2.7)%	25.3%	(1.9)%	(0.7)%
NIM	4.00%	3.10%	90 bps	4.08%	51 bps	21 bps

Balance Sheet

	30-Sep-23	31-Dec-22	%∆ YTD	30-Jun-23	%∆ QoQ
Total Assets	836	742	13%	811	3%
Total Gross Loans	494	456	8%	479	3%
Deposits	570	503	13%	556	3%
CET-1	16.9%	15.4%	1.5%	16.6%	0.3%
LCR	190%	182%	8%	217%	(27)%
NPL ratio	5.5%	6.0%	(0.5)%	5.6%	(0.1)%

Key Highlights

• Group profit up 92% on strong diversified income growth and healthy recoveries
• ENBD income higher from balance sheet growth, improving loan and stable funding mix, increased margins and higher transaction volumes
• DenizBank non-funded income higher in 9M'23 from higher customer transaction volumes and margins, hedges and swaps
• NIMs at top-end of guidance as higher funding cost at ENBD offset by wider DenizBank margins
• Cost of risk remained low in 9M'23 at 42 bp on strong recoveries and robust operating environment
• 13% balance sheet growth to AED 835 bn
• AED 33 bn CASA growth with limited migration to Fixed Deposits in Q3
• AED 1.9 bn profit contribution from DenizBank despite challenging operating environment
• Higher income enables accelerated investment in digital, AI and international expansion

NIMs at top-end of guidance

Net Interest Margin (%)

Period	Quarterly NIM	YTD NIM
2019	3.57	-
2020	2.65	2.89
2021	2.53	-
Q3-22	3.10	3.43
Q4-22	3.87	-
Q1-23	4.05	4.05
Q2-23	3.96	-
Q3-23	4.08	4.00

Fed Funds Upper Bound

2019: 1.75% | 2020: 0.25% | 2021: 0.25% | Q3-22: 3.25% | Q4-22: 4.50% | Q1-23: 5.00% | Q2-23: 5.25% | Q3-23: 5.50%

Key Highlights

• 9M'23 NIM up 90 bps y-o-y due to improved loan & deposit mix and higher interest rates
• Q3-23 NIM up 21 bps q-o-q on higher DenizBank NIM due to improved loan pricing, higher CPI-linked and indexation income, more than offsetting higher funding costs and competitive loan pricing at ENBD
• NIMs at top-end of 3.8-4.0% guidance range

NIM drivers 9M'23 vs 9M'22 (%)

• Starting NIM: 3.10
• Loan Yield: +3.04
• Deposit Cost: -(1.06)
• Treasury & Other: -(0.66)
• DenizBank: -(0.42)
• Ending NIM: 4.00

NIM drivers Q3-23 vs Q2-23 (%)

• Starting NIM: 3.87
• Loan Yield: -(0.19)
• Deposit Cost: -(0.22)
• Treasury & Other: +0.17
• DenizBank: +0.45
• Ending NIM: 4.08

Non-funded Income showing steady growth

Non-funded income (All figures are in AED m)

	Q3-23	Q3-22	%∆ YoY	Q2-23	%∆ QoQ
Fee and Commission income	2,394	1,806	33%	1,993	20%
Fee and Commission expense	(1,116)	(744)	50%	(874)	28%
Net Fee and Commission Income	1,277	1,062	20%	1,120	14%
Other operating income	2,174	1,388	57%	2,394	(9)%
Gain / loss on trading securities	140	(45)	(408)%	78	79%
Total Non-funded income	3,592	2,404	49%	3,592	0%

Fee and Commission Income (AED m)

Quarter	Fee Income	Trade Finance	Brokerage and AM Fees	Total
Q3-22	1,533	218	54	1,806
Q4-22	1,569	228	73	1,870
Q1-23	1,681	267	68	2,016
Q2-23	1,653	271	69	1,993
Q3-23	2,038	277	78	2,394

Other Operating Income (AED m)

Quarter	FX & Derivative	Property & Others	Investment Securities	Total
Q3-22	1,202	158	28	1,388
Q4-22	907	49	85	1,041
Q1-23	1,441	311	287	2,039
Q2-23	2,087	284	23	2,394
Q3-23	1,755	328	91	2,174

Key Highlights

• Healthy trend in fee and commission income from increased local & international retail card business at both ENBD and DenizBank, strong investment banking revenue and increased Trade Finance
• Fee income up 20% q-o-q partly on higher card spend volumes at DenizBank
• Other operating income up 57% y-o-y due to increased retail customer FX remittance volumes, additional corporate hedging, and increase in hedging and swap income relating to DenizBank
• Q3-23 FX & derivative income lower on tighter FX transaction spreads in Turkey, partially offset by higher gains on investments

Strong Loan and Deposit growth

Gross Loans by Type (AED bn) — 8% growth

Quarter	Corporate	Sovereign	Retail	DenizBank	Total
Q3-22	183	114	94	66	457
Q4-22	179	113	95	69	456
Q1-23	180	116	101	73	470
Q2-23	193	112	107	67	479
Q3-23	206	111	110	67	494

Deposits by Type (AED bn) — 13% growth

Quarter	CASA	Time	Other	DenizBank	Total
Q3-22	272	114	16	79	481
Q4-22	274	128	19	82	503
Q1-23	293	133	22	89	538
Q2-23	311	139	26	80	556
Q3-23	307	146	31	86	570

Gross Loans by Sector (%)

• Sovereign: 22%
• Personal: 26%
• FI & Mgmt Cos: 11%
• Trans & Services: 12%
• Trade: 7%
• Real Estate: 9%
• Construction & Hotels: 5%
• Manuf.: 5%
• Agri: 1%
• Other: 3%

Net Loans by Geography (%)

• UAE: 77%
• International: 20%
• GCC: 3%

Key Highlights

• Gross lending up 8% in 9M'23
  • Retail lending up 16% with strong demand across all products
  • Corporate lending up 15% on strong origination throughout region in Manufacturing, Trade, Transport and Communication and conglomerates
  • DenizBank's TL gross loans up 33%. Gross loans down 3% after FX
• Deposit franchise is a proven key strength of ENBD with AED 67 bn growth in 9M'23 including an impressive AED 33bn increase in CASA
  • Limited CASA migration in Q3-23
  • CASA represents 59% of total Group deposits
  • DenizBank's TL deposits up 94%. Deposits up 5% after FX

Credit quality improving with market leading coverage

Impaired loans and allowances

Quarter	NPL Ratio (%)	Impaired Loans (AED Bn)	Impairment Allowances (AED Bn)	Coverage Ratio (%)
Q3-22	5.8	26.6	37.9	143
Q4-22	6.0	27.3	39.4	145
Q1-23	5.6	26.2	39.8	152
Q2-23	5.6	26.8	39.3	147
Q3-23	5.5	27.0	39.2	145

Coverage by Stage

Stage	Q4-22	Q3-23
Stage 1	1.2%	1.3%
Stage 2	26.8%	29.2%
Stage 3	98.3%	94.8%

Stagewise ECL (AED bn)

Stage	Q4-22	Q3-23
Stage 1	26.8	26.1
Stage 2	7.8	7.5
Stage 3	4.8	5.7
Total	39.4	39.2

Total Gross Loans

• FY-22 | AED 456 bn: Stage 1: 87.7%, Stage 2: 6.4%, Stage 3: 6.0%
• 9M'23 | AED 494 bn: Stage 1: 89.4%, Stage 2: 5.2%, Stage 3: 5.5%

Key Highlights

• NPL ratio improved by 0.5% to 5.5% in 9M'23 on strong writebacks and recoveries
• Coverage ratio remained healthy at 145% in 9M'23
  • S1 coverage increased due to Turkish earthquake and higher rate environment overlay
  • S2 coverage increased to 29.2%
  • S3 coverage slightly lower at 94.8%
• 2023 cost of risk guidance maintained at '50-70bp' and NPL guidance revised to 'less than 6%'

Costs firmly controlled with focus on future growth

Key Highlights

• 9M'23 cost to income ratio at 25.5% 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
• IT and Communication costs increased q-o-q on continued investment to deliver market leading technology solutions

Cost to Income Ratio (%)

Period	CI Ratio (YTD)	CI Ratio (QTD)
Q3-22	27.4%	28.2%
Q4-22	28.5%	29.1%
Q1-23	25.3%	25.3%
Q2-23	25.6%	26.0%
Q3-23	25.5%	25.3%

Upper Guidance range: 33.0%

Operating Expenses Trends (AED m)

Period	Staff Cost	Dep. & Amort.	IT & Commun.	Other Cost	Total
Q3-22	1,396	255	177	499	2,327
Q4-22	1,514	268	219	857	2,858
Q1-23	1,567	236	219	620	2,642
Q2-23	1,634	178	211	794	2,817
Q3-23	1,810	217	268	601	2,896

24% increase noted.

Operating Expenses Composition (%) — Breakdown as of 9M'23

• Staff 62%
• Other 11%
• Depreciation 8%
• IT 5%
• Communication 4%
• Service & Legal 3%
• Occupancy 3%
• Equip. & Supp. 2%
• Marketing 2%
• Amortization 0%

Funding & Liquidity remains very healthy

Key Highlights

• LCR of 190% and ADR of 80% demonstrate healthy liquidity
• Liquid assets* of AED 80 billion cover 11% of total liabilities, 14% of deposits
• AED 14 bn of term debt issued in 2023 fully covers 2023 maturities
• ENBD issued largest ever green bond by regional bank, underlining ESG commitment
• DenizBank further diversifies funding through issue of US$ 230m and EUR 50m Murabaha term financing agreement

*Includes cash and deposits with Central Banks, excludes interbank balances and liquid investment securities

Advances to Deposit and Liquidity Coverage Ratio (%)

Period	ADR %	LCR %
Q3-22	87	152
Q4-22	83	182
Q1-23	80	187
Q2-23	79	217
Q3-23	80	190

Composition of Liabilities and Debt Issued (%)

• Customer Deposits 78%
• Debt/Sukuk 9%
• Others 8%
• Banks 5%

Maturity Profile of Debt/Sukuk Issued AED 64.9 bn

Year	ENBD	Club Deal	DenizBank	Total
2023	4.0	1.1	0.6	5.1
2024	7.4	6.4	0.6	14.4
2025	10.8	0.6	0.6	11.4 (approx.)
2026	9.7	0.6	0.7	10.3 (approx.)
2027	3.9	0.6	—	4.6
Beyond 2027	18.4	0.6	—	19.0

Capital ratios extremely strong

Key Highlights

• CET-1 ratio improved by 1.5% to 16.9% during 9M'23 as the AED 14.6 bn increase in net earnings more than offsets a 7% increase in RWAs
• Capital ratios well above 11% / 12.5% / 14.5% CBUAE min. requirement
• CET-1 at 16.4% excluding ECL regulatory add-back
• IAS 29 hyperinflation adjustment is capital neutral

Capital (AED bn)

Component	Value
CET1 31-Dec-22	76.6
Net Earnings	+14.6
Interest on AT1	(0.4)
ECL add-back	(0.8)
CET1 30-Sep-23	90.0
T1	+9.1
T2	+5.9
Capital 30-Sep-23	105.0

Risk Weighted Assets (AED bn)

Period	Credit Risk	Market Risk	Operational Risk	DenizBank	Total
Q3-22	326	11	31	123	490
Q4-22	323	11	33	132	499
Q1-23	331	12	33	139	515
Q2-23	334	12	33	129	508
Q3-23	351	12	33	138	533

7% increase noted.

Capital Ratios (%)

Period	CET1%	AT1%	T2%	Total
Q3-22	15.5	1.9	1.1	18.5
Q4-22	15.4	1.8	1.1	18.3
Q1-23	15.8	1.8	1.1	18.7
Q2-23	16.6	1.8	1.1	19.5
Q3-23	16.9	1.7	1.1	19.7

Divisional Performance

Operating Segment Metrics

Operating Segment	Metrics	9M'23	9M'22	%Δ YoY
Retail Banking and Wealth Management	Income (mn)	12,057	8,888	36%
	Expense (mn)	3,021	2,505	21%
	Profit (mn)	6,367	5,548	15%
	Loans (bn)	110	94	17%
	Deposits (bn)	287	243	18%
Corporate and Institutional Banking	Income (mn)	5,895	4,544	30%
	Expense (mn)	516	478	8%
	Profit (mn)	5,702	2,788	>100%
	Loans (bn)	317	297	7%
	Deposits (bn)	197	159	24%
Global Markets and Treasury	Income (mn)	2,976	1,040	>100%
	Expense (mn)	149	133	12%
	Profit (mn)	2,762	847	>100%
DenizBank	Income (mn)	9,026	7,424	22%
	Expense (mn)	2,664	1,702	57%
	Profit (mn)	1,851	1,139	62%
	Loans (bn)	67	66	1%
	Deposits (bn)	86	79	9%

Key Highlights

Retail Banking and Wealth Management continued its excellent performance with its highest ever nine-month revenue, strongest ever acquisition, and substantial growth in balance sheet

• Lending increased 16% by AED 15 bn and Deposits grew by AED 29 bn in 9M' 2023
• One-third market share of UAE Credit Card spend as card spend grew 28% y-o-y
• Income grew 36% on record volumes, improved margins and highest ever non-funded income
• 'ENBD X' mobile banking app successfully rolled out, using latest technology, security and user experience trends propelling it to the #1 Finance app in the region
• Signature launched offering ultra-HNW customers unrivalled benefits, services and privileges
• AUMs grew by an impressive 28% in 2023, reflecting ENBD's full-service platform on the back of Digital wealth platform expansion giving customers access to over 11,000 global equities

Corporate and Institutional Banking strengthened its strategic partnership with major Government entities and Corporates by enhancing digitized service platforms

• Profitability jumped 104% due to significant growth in revenues on increased lending, higher cross-sell across products and strong recoveries
• Corporate lending (ex. Sovereign) up 15% on strong origination throughout region in Manufacturing, Trade, Transport and Communication and conglomerates
• Landmark corporate deals including AED 10 billion hybrid Credit Facilities and US$ 3.5 billion revolving Credit Facility closed for large multinational customers
• 'Emirates NBD Pay', our Merchant Acquiring service, onboarded more than 20 clients, with over AED 3.5 billion transaction value since launch
• ESG-Linked Supply Chain Finance Program launched with Emirates Global Aluminum

Global Markets and Treasury delivered an outstanding performance, generating almost AED 3 billion in income in the first nine months of 2023

• Income grew by 186% driven by favorable Balance Sheet positioning coupled with a significant increase in banking book investment income
• The trading desk reported robust numbers with Foreign Exchange trading posting 89% growth
• Sales delivered strong growth, driven by Foreign Exchange and Structured products
• Group Funding issued a US$ 750m green bond, the largest ever from a regional bank

DenizBank

• Profit up 63% to AED 1.9 billion helped by higher income and strong recoveries

ESG Developments

Emirates NBD, the Principal Banking Partner at COP28

Delivering ESG Solutions for a greener future

Emirates NBD's COP 28 program

• Supporting clients access sustainable finance
• Expanding ESG awareness
• Leading on disclosures and transparency
• Sharing ESG best practice and developing partnerships
• Expanding sustainable finance product suite

Key ESG Achievements

• Recognised as Best Bank for ESG in the UAE at the Euromoney Excellence Awards 2023
• Published Sustainable Finance Framework allowing green and sustainability-linked bond issuance
• Net-Zero Goals commitment by signing UAE Climate-Responsible Companies Pledge
• 5% reduction in Scope 2 emissions from 2022-23
• 84% reduction in paper usage from 2020-22
• Committed to supporting gender equality by signing UAE Gender Balance Pledge
• 18% Female Leadership in 2023, up from 15% in 2022

ESG Initiatives

• Carbon Trading introduced as Emirates NBD becomes 1st UAE bank to offer carbon emission offsetting solution to customers
• Strong regional Green Bond origination credentials, helping raise US$ 11 billion through Green Bond issues in 2023
• Emirates NBD issued US$ 750 million green-bond, the largest ever from a regional bank
• ESG-Linked Supply Chain Finance Program pioneered in partnership with Emirates Global Aluminium
• Deniz Ventures makes Innovation Fund investment in Green FinTech start-up Erguvan

Examples of ENBD's Existing Eligible Green and Social Loans

Solar Park Construction

Large concentrated solar park in UAE

Circular manufacturing unit

Circular manufacturing unit which uses 100% waste paper/cardboard as raw material to produce packaging cartons & related products

Agricultural water treatment plant

Large agricultural waste water plant in Egypt

Green hydrogen plant

Large green hydrogen plant

Taxi fleet in Dubai

Financing of zero-emission vehicle taxi fleet in Dubai

Green and Social housing

Financing of Green commercial and residential real estate as well as Social housing for low-income individuals

Emirates NBD Sustainability Strategy

Emirates NBD commits to both regional and international sustainability development goals which enhances the overall agenda for sustainable business strategy and management approach.

Sustainability Approach

• Emirates NBD's sustainability strategy takes direction from the United Nations SDGs, the UAE's Vision 2030, and the United Nations Environmental Programme Dubai Declaration for Sustainable Finance
• We began formally reporting on our ESG efforts in 2016 with the publication of our first Sustainability Report.
• Emirates NBD is committed to UAE's Net Zero 2050 target.

Sustainable Finance & Responsible Banking

• Emirates NBD exposure to 'hard to abate' sectors remains very minimal.
• Emirates NBD also caters to the local customer base by offering Sharia'h compliant financing solutions.
• We have committed to playing an important role in growing the Micro, Small and Medium Enterprises (MSME) economy in the UAE.
• Emirates NBD is a regional leader in arranging ESG issuances across conventional and Sukuk format.

Emirates NBD Loan Book (Gross Loan by sector – FY 2022 annual report)

Sovereign	Personal	Real Estate	Services	Others
25%	25%	11%	11%	28%

Sustainability Governance

• Board of Directors
• Board Nomination and Risk Committee – ESG
• Group Executive Committee [Group Head of ESG member]

ESG Integration across Emirates NBD

• CIB, Risk, Strategy
• RBWM, Compliance, Corporate Affairs
• GM&T, Legal, Internal Audit
• Subsidiaries, Finance, Human Resources

Environmental, Social, and Governance Commitment

ESG is embedded into the culture, operations and strategy of Emirates NBD. Our ESG commitment are integrated to all our business divisions and across all our subsidiaries, with qualitative and quantitative targets as highlighted below.

As part of UAE's national path to climate neutrality by 2050, Emirates NBD Group is among the 15 signatories of UAE pledge to implement carbon emission reduction goals.

Environmental

• Commitment to reduce carbon emissions Scope 1 & 2 emissions by 30% by 2030 and reduce of water consumption by 5% per staff member.
• Scope 2 emissions fell by 12.6% in 2022 compared to 2020 while the Group's total emissions remained relatively unchanged.
• "Go Paperless programme" launched in 2020. The paper use reduced from 15,737 KG in 2020 to 2,617 KG in 2022.

Social

• Emirates NBD's strategy aligns with the UN SDGs through initiatives such as developing the SME ecosystem and economic output in the UAE.
• Dedicated Diversity and Inclusion department in place since 2021.
• 41% female in our employee base.
• Commitment to have 25% women in senior leadership (WIL) roles by 2027.
• National Leadership Program launched in 2014 to develop future Emirati leaders.

Governance

• Strategic ESG matters are the responsibility of the Emirates NBD Board of Directors and the Board Nomination.
• The Board of Directors monitors how evolving global standards are selected and incorporated into the ESG framework.
• The Group is in the process of instituting a governance framework that ensures open and transparent communication within the organization concerning matters that pose potential environmental and social risks.

ESG 2022 Highlights

Governance & Social

• 1st female director elected to the Board in 2022.
• Committed to 25% women in senior management by 2027.
• 75% increase in Bio-Card issuance in 2022.
• 85 nationalities make up diverse workforce of FTE's.
• 41% of our employees are women.
• All new branches designed to include all Disability Friendly facilities.
• AED 123m contribution to local community in 2022.

Environmental

• 24.5% reduction in electricity consumption intensity compared to 2020.
• 13.5% reduction in GHG Intensity compared to 2020.
• Fully operational Smart Green parking Building.
• Transitioning towards electric and hybrid fleet vehicles.
• DenizBank HO is the first project in Europe certified at LEED v4 Gold level.
• 4 LEED Gold certified branches in UAE.

Sustainable Finance

• Green auto loans doubled in 2022.
• Emcap raised sustainable capital from 20 syndicated loan and debt capital market transactions in 2022.

Digital

• 98% of transactions on digital only channels
• 95% Digital users on mobile