FINANCIAL INSTITUTIONS

ISSUER PROFILE Emirates NBD PJSC 7 February 2019 Key Facts and Statistics - FY December 2018

Company overview Emirates NBD PJSC (ENBD) is a Dubai-based that provides a range of financial products TABLE OF CONTENTS and services, including personal, priority, private and corporate banking, specialist facilities, Company overview 1 consumer finance and asset management. As of 31 December 2018, it held domestic market Financial highlights 2 shares of 17.4% in terms of assets, 19.8% in terms of loans and 20.0% in terms of deposits. Business description 2 Distribution channels 4 As of 31 December 2018, the bank reported total assets of AED500.3 billion ($136.2 billion). Ownership structure 5 Subsidiaries, associate and joint ENBD operates in the United Arab Emirates (UAE), Egypt, the Kingdom of Saudi Arabia, venture 5 India, Singapore and the UK, and has representative offices in China, Indonesia and Turkey. Company management 6 In the UAE and overseas, it maintained 230 branches, and 1,069 ATMs and SDMs as of 31 Company history 6 December 2018. Peer group 6 Subsidiaries rated by Moody’s 6 ENBD was established in October 2007 following the merger of Emirates Bank International Related websites and information (EBI) and National Bank of Dubai (NBD). Since 2007, the bank has been listed on the Dubai sources 7 Financial Market (DFM: EMIRATESNBD). As of 31 December 2018, its largest shareholder was Moody’s related research 7 its overall parent, Investment Corporation of Dubai, which held a stake of 55.8%. Investment Corporation of Dubai is majority owned by the Government of Dubai. Analyst Contacts Note: Currency converted using a pegged exchange rate of AED–$0.27229 Jonathan Parrod +971.4.237.9546 Source: Company reports (financial statements Dec 2018, investor presentation September 2018), company data, Moody’s research, Associate Analyst Dubai Financial Market, Central Bank of the UAE, www.oanda.com [email protected] Mik Kabeya +971.4.237.9590 AVP-Analyst [email protected] Nondas Nicolaides +357.2569.3006 VP-Sr Credit Officer [email protected] MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Financial highlights Overview Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on Emirates NBD PJSC, please see .

Exhibit 1 Latest full-year results Emirates NBD PJSC

(in AED Million) 31-Dec-18 31-Dec-17 31-Dec-16 % Change 18/17 % Change 17/16 AED/$, Pegged 0.27229 0.27229 0.27229 - - Total Assets 500,343 470,372 448,004 6.37 4.99 Total Shareholders' Equity 64,024 59,362 53,861 7.85 10.21 Shareholders' Equity excluding Minority Interest 64,015 59,354 53,854 7.85 10.21 Total Regulatory Capital 58,803 57,783 54,369 1.77 N/M Tier 1 Ratio (%) 19.80 18.90 18.67 90 bps N/M Net Income 10,042 8,346 7,239 20.32 15.29 Net Income Attributable to Equity Holders 10,040 8,345 7,239 20.32 15.28

Notes: 1) Based on consolidated financial data 2) “Tier 1 Ratio” and “Total Regulatory Capital” for Dec 2018 and Dec 2017 are in accordance with Basel III regulatory framework while for Dec 2016 (It is referred as Tier 1 Capital ratio and Total Regulatory Capital) are in accordance with Basel II regulatory framework Source: Company reports (financial statements Dec 2018 and Dec 2017), www.oanda.com

Business description ENBD provides the government, individuals, corporates and financial institutions with private, corporate, investment and Islamic banking facilities. It also offers various financial products and services, including asset management and brokerage activities.

The bank operates through the following five business segments: Corporate Banking; Consumer Banking; Treasury; Islamic Banking; and Others. In the financial year ended 31 December 2018 (FYE Dec 2018), the largest contributor to the bank’s total operating income was the Consumer Banking segment (42.2%).

Corporate Banking: This segment offers a range of corporate banking facilities to the government, financial institutions, corporate customers (including large and mid-market corporations), small and medium-size enterprises, and commercial clients. Its products and services include current and savings accounts, deposit-taking facilities, overdraft facilities, term loans, factoring, cash management services, trade finance, advisory services, and Islamic products under Al Watani Al Islami. In FYE Dec 2018, this segment accounted for 33.6% of the bank’s total operating income, and reported total assets of AED280.7 billion ($76.4 billion) as of 31 December 2018.

Consumer Banking: This segment offers products and services, including retail loans, overdraft facilities, current and savings accounts, deposit-taking facilities, consumer finance, equity broking and bancassurance, as well as associated such as banking cards, wealth management, asset management and portfolio management. In FYE Dec 2018, this segment accounted for 42.2% of the bank’s total operating income, and reported total assets of AED61.3 billion ($16.7 billion) as of 31 December 2018.

Treasury: This segment comprises the management of the bank’s own portfolio of investment, funds management and interbank treasury operations. Its products and services include fixed-income products and structured deposits, as well as foreign exchange and interest rate hedging solutions. In FYE Dec 2018, this segment accounted for 5.3% of the bank’s total operating income, and reported total assets of AED77.0 billion ($21.0 billion) as of 31 December 2018.

Islamic Banking: This segment comprises income and fees earned, and expenses paid by ENBD’s Islamic banking subsidiaries. In FYE Dec 2018, it accounted for 14.2% of the bank’s total operating income, and reported total assets of AED55.8 billion ($15.2 billion) as of 31 December 2018.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

2 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Others: This segment includes property management operations and other support functions. In addition, it includes the activities of ENBD’s subsidiaries Emirates NBD Egypt SAE and Tanfeeth LLC. In FYE Dec 2018, it accounted for 4.7% of the bank’s total operating income, and reported total assets of AED25.5 billion ($7.0 billion) as of 31 December 2018.

Note: Currency converted using pegged exchange rate of AED–$0.27229 Source: Company report (financial statements Dec 2018), company data, www.oanda.com

Exhibit 2 Business segment (% of total operating income, consolidated, for FYE Dec 2018)

Others Treasury 4.7% 5.3%

Islamic Banking 14.2% Consumer Banking 42.2%

Corporate Banking 33.6%

Source: Company report (financial statements Dec 2018, Pg: 74)

Exhibit 3 Business segment (% of total assets, consolidated, as of 31 Dec 2018)

Others 5.1% Islamic Banking 11.1%

Consumer Banking 12.3%

Corporate Banking 56.1%

Treasury 15.4%

Source: Company report (financial statements Dec 2018, Pg: 74)

3 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Exhibit 4 Gross profit/(loss) per business segment (consolidated, in AED Million)

FYE Dec 2016 FYE Dec 2017 FYE Dec 2018 6,000

5,000 4,785 4,426 4,325 4,000 3,765 3,532 3,348 3,000

2,000

924 1,000 785 701 235 646 128 0 (3)

(1,000) (1,092) (879) (2,000) Corporate Banking Consumer Banking Treasury Islamic Banking Others Source: Company reports (financial statements Dec 2018, Pg: 74 and 75 and Dec 2017, Pg: 77)

Distribution channels As of 31 December 2018, the bank operated through a network of 230 branches, and 1,069 ATMs and SDMs in the UAE and overseas. Internationally, the bank conducts business in the Kingdom of Saudi Arabia, Egypt, India, Singapore and the UK, as well as through representative offices in China, Indonesia and Turkey.

ENBD also delivers its products and services through various alternative distribution channels, including internet, mobile and telephone banking. The bank’s total assets were geographically distributed as follows:

Exhibit 5 Emirates NBD PJSC Total Assets(%) Geographical Region 31-Dec-18 31-Dec-17 UAE 82.6 81.8 Other Gulf Cooperation Council (GCC) countries* 5.3 4.4 International 12.1 13.8 Total 100.0 100.0

*The GCC comprises Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain and Oman As of 31 December 2018, the bank held domestic market shares of 17.4% in terms of assets, 19.8% in terms of loans and 20.0% in terms of deposits.

As of June 2018, the 10 largest in the UAE were as follows:

Exhibit 6 10 Largest UAE Banks as of June 2018 Total Assets % Share Total Loans (Net) % Share Total Customers’ Deposits % Share 1. First Abu Dhabi Bank PJSC 28.1 1. First Abu Dhabi Bank PJSC 23.0 1. First Abu Dhabi Bank PJSC 25.6 2. Emirates NBD PJSC 19.4 2. Emirates NBD PJSC 21.1 2. Emirates NBD PJSC 19.9 3. Abu Dhabi 11.1 3. Abu Dhabi Commercial Bank 11.0 3. Abu Dhabi Commercial Bank 10.2 4. Dubai Islamic Bank PJSC 8.8 4. Dubai Islamic Bank PJSC 9.5 4. Dubai Islamic Bank PJSC 9.0 5. HSBC Bank Middle East Limited 5.4 5. Abu Dhabi Islamic Bank 5.1 5. Abu Dhabi Islamic Bank 6.0 6. MashreqBank psc 5.2 6. HSBC Bank Middle East Limited 4.9 6. HSBC Bank Middle East Limited 4.8 7. Abu Dhabi Islamic Bank 5.0 7. MashreqBank psc 4.5 7. MashreqBank psc 4.6 8. Union National Bank PJSC 4.1 8. Union National Bank PJSC 4.5 8. Union National Bank PJSC 4.2 9. Commercial Bank of Dubai PSC 2.8 9. Commercial Bank of Dubai PSC 3.1 9. Commercial Bank of Dubai PSC 2.9

4 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

10. The National Bank of Ras-Al-Khaimah 2.1 10. The National Bank of Ras-Al- 2.2 10. The National Bank of Ras-Al- 2.0 (P.S.C.) Khaimah (P.S.C.) Khaimah (P.S.C.)

Source: Company reports (financial statements Dec 2018, investor presentation Sep 2018), company data, Central Bank of the UAE, Moody’s research

Ownership structure As of 31 December 2018, ENBD reported 5,557,774,724 shares outstanding. Since 2007, the bank has been listed on the Dubai Financial Market, which is regulated by the Emirates Securities & Commodities Authority (DFM: EMIRATESNBD).

As of 2 January 2019, ENBD’s largest shareholder was the bank’s overall parent, Investment Corporation of Dubai, with a 55.8% stake. Investment Corporation of Dubai is majority owned by the Government of Dubai.

As of 2 January 2019, ENBD’s major shareholders were as follows:

Exhibit 7 Emirates NBD PJSC Shareholder % Share Investment Corporation of Dubai* 55.76 Capital Assets LLC 5.33

*Investment Corporation of Dubai is a company in which the Government of Dubai holds the majority of the shares Source: Company report (financial statements Dec 2018), company data, Dubai Financial Market, www.sca.gov.ae

Subsidiaries, associate and joint venture As of 31 December 2018, ENBD’s subsidiaries, associate and joint venture were as follows:

Exhibit 8 Emirates NBD PJSC

Company Country of Incorporation Nature of business % Held Subsidiaries Buzz Contact Centre Solutions LLC UAE Call centre management 100 Dubai Bank PJSC UAE Islamic banking 100 Emirates NBD Capital PSC UAE Fund management 100 Emirates Funds Managers (Jersey) Limited Jersey Asset management 100 Emirates NBD Global Funding Limited Cayman Islands Medium-term borrowing and money market transactions 100 Emirates NBD Properties LLC UAE Real estate 100 Emirates NBD Securities LLC UAE Brokerage services 100 Emirates NBD Asset Management Limited UAE Asset management 100 Emirates Islamic Bank PJSC UAE Islamic banking 99.9 Emirates Money Consumer Finance LLC UAE Consumer finance 100 Emirates Funds LLC UAE Asset management 100 Emirates NBD Capital (KSA) LLC Saudi Arabia Investment services 100 Emirates NBD Trust Company (Jersey) Limited Jersey Trust administration 100 Tanfeeth LLC UAE Shared services organisation 100 The Emirates National Dubai Real Estate Saudi Arabia Nominee company for mortgage business 100 Company LLC ENBD London Branch Nominee Company England Asset management 100 Emirates NBD Egypt SAE Egypt Banking 100 Associate National General Company PSC UAE General and life insurance 36.7 Joint Venture Network International LLC UAE Card processing 51

Source: Company report (financial statements Dec 2018)

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Company management

Exhibit 9 Emirates NBD PJSC Company Management Current Title Shayne Nelson ENBD: Group Chief Executive Officer Subramanian Suryanarayan ENBD: Group Chief Financial Officer Manoj Chawla ENBD: Group Chief Risk Officer Abdulla Qassem ENBD: Group Chief Operating Officer

As of 17 Jan 2019

Exhibit 10 Emirates NBD PJSC Board of Directors Current Title H.H. Sheikh Ahmed Bin Saeed Al Maktoum ENBD: Chairman Hesham Abdulla Al Qassim ENBD: Vice Chairman and Managing Director H.E. Khalid Juma Al Majid ENBD: Director Ali Humaid Ali Abdulla Al Owais ENBD: Director Hussain Hassan Mirza Mohd Al Sayegh ENBD: Director Buti Obaid Buti Al Mulla ENBD: Director Mohamed Hamad Obaid Khamis Al Shehi ENBD: Director Mohamed Hadi Ahmad Al Hussaini ENBD: Director Shoaib Mirhashim Khoory ENBD: Director

As of 17 Jan 2019 Source: Company data

Company history ENBD was established in October 2007 following the merger of EBI and NBD. The official completion of the deal on 5 November 2009 resulted in the legal transfer of all EBI and NBD assets and liabilities to ENBD.

In March 2011, ENBD sold 49% of its shareholding in its wholly owned subsidiary Network International LLC. In October 2011, it acquired a 100% stake in Dubai Bank PJSC, a provider of Sharia’-compliant banking services in the UAE.

In December 2012, ENBD signed an agreement to acquire the Egyptian operations of BNP Paribas. Consequently, in 2013, it acquired BNP Paribas Egypt S.A.E. for a total consideration of AED1.8 billion ($500 million). BNP Paribas Egypt S.A.E. has been renamed Emirates NBD Egypt S.A.E.

On 22 May 2018, ENBD entered into an agreement to acquire Sberbank’s 99.85% stake in Denizbank A.S.. The acquisition is expected to be completed in the first half of 2019 subject to regulatory approvals.

Note: Currency converted using pegged exchange rate of AED–$0.27229 Source: Company reports (annual report Dec 2012, financial statements Dec 2014, Dec 2013 and Dec 2011), company data, Moody’s research, www.oanda.com

Peer group » First Abu Dhabi Bank PJSC

» Abu Dhabi Commercial Bank

» Dubai Islamic Bank

» Abu Dhabi Islamic Bank

Subsidiaries rated by Moody’s » EIB Sukuk Company Ltd.

6 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

» Emirates NBD Global Funding Limited

Related websites and information sources For additional information, please see:

The company’s website

» www.emiratesnbd.com

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related research Issuer page on Moodys.com

» Emirates NBD PJSC

Credit opinion

» Emirates NBD PJSC, November 2018

Banking system outlook

» Banking System Outlook - United Arab Emirates: Recovering economy and resilient financial fundamentals drive stable outlook, November 2018 (1142883)

Banking system profile

» Banking System Profile: United Arab Emirates, December 2018 (82104743)

Rating methodology

» Banks, August 2018

Other

» Moody's: Strong growth in core income drives higher quarterly profits at UAE's largest banks, February 2018

» Moody's: Outlook for GCC banks is stable reflecting their resiliency in slower economies, December 2017

» Moody's maintains stable outlook on UAE's banking system on economic resilience, solid bank financial fundamentals, October 2017

» Moody's: Large UAE banks post solid Q2 profitability supported by higher interest income, August 2017

» Moody's: Profitability for Emirates NBD will remain resilient despite loss of market lead, July 2017

» Emirates NBD : Profitability Will Remain Resilient Despite Softer Economy and Competition From a New, Larger Rival, July 2017

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on the issuer’s page . All research may not be available to all clients.

7 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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REPORT NUMBER 1158389

8 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018 MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Analyst Contacts CLIENT SERVICES

Jonathan Parrod +971.4.237.9546 Americas 1-212-553-1653 Associate Analyst Asia Pacific 852-3551-3077 [email protected] Japan 81-3-5408-4100 EMEA 44-20-7772-5454

9 7 February 2019 Emirates NBD PJSC: Key Facts and Statistics - FY December 2018