Emirates NBD (DFM: EMIRATESNBD) stock fundamentals

The bank prints net interest income together with net income from Islamic financing and investment products. That subtotal was AED 9,539 million in Q2 2026, against AED 8,376 million in Q2 2025. Non-interest income, our sum of three printed lines, was AED 3,993 million in Q2 2026 and AED 4,865 million in Q1 2026. The lines are net fee and commission income, net gain on trading securities and other operating income.

Emirates NBD's cost-to-income ratio, our calculation, was 30.7% in Q2 2026. In six of the other seven quarters from Q3 2024 it stayed between 29.2% and 31.0%, and it was 36.4% in Q4 2024, the one quarter outside that range.

Net profit for Q4 2024, our calculation from the annual and nine-month statements, was AED 3,983 million, compared with AED 5,230 million in Q3 2024. The Emirates NBD financial statements page shows impairment and operating expenses for each of these quarters.

Emirates NBD's loan-to-deposit ratio, our calculation, was 83.7% at 30 Jun 2026, 80.5% at 31 Dec 2025 and 79.4% at 30 Sep 2025. The ratio rose from each date to the next, because loans rose by a larger share than deposits did. Total shareholders' equity, which includes Tier 1 capital notes, was AED 152,061 million at 30 Jun 2026. It was AED 144,582 million at 31 Dec 2025.

Loans here are the balance-sheet line loans and receivables, after expected credit losses, and deposits are the customer deposits line. The 30 Jun 2026 balances also include RBL Bank, an Indian bank the group took control of in June 2026, per its H1 2026 statements. Loans were smaller than deposits at each of the three dates. The ratio leaves out every other funding line, so it is one view of a balance sheet that held total assets of AED 1.32 trillion at 30 Jun 2026. The ADCB stock fundamentals page sets out the same lines for another UAE bank.

The FY2023 statements say certain prior-year comparatives were reclassified to conform to the presentation adopted in the current year, and that note names no line. Each pair of figures differs only in the last digit written here. The 2022 cost-to-income ratio, our calculation, is 28.5% on the restated expenses and on the originally printed ones.

Our tables mark these two lines for 2022, and the cost-to-income ratio built on the expenses line, with R. We use the latest printing of each period, as our rules for restated figures set out. The footnote on each marked cell gives the amount first printed and both dates.