DUBAI: Dubai’s biggest lender has unveiled plans to quadruple the number of branches it operates in Saudi Arabia.

And Emirates NBD has become the first foreign bank to be given permission to open outlets in the holy cities of Madinah and Makkah.

In a statement, an Emirates NBD spokesperson told Arab News: “Emirates NBD is set to continue to invest in its franchise expansion across the Kingdom of Saudi Arabia.

“Six branches are currently operational, including Madinah and Makkah, with approval to open a further 18 branches across the Kingdom, which will bring its total network of branches in the Kingdom to 24.

“Emirates NBD continues to grow its business and name recognition within the Kingdom of Saudi Arabia,” the spokesperson said.

In a statement on Tuesday, the bank highlighted the improving economic outlook in Saudi Arabia, with the country’s economy expected to grow by 0.7 percent this year after contracting 4.1 percent in 2020.

“Higher oil prices will help to reduce the budget deficit to just 1.4 percent of GDP (gross domestic product) this year, and a number of initiatives have been announced to boost domestic investment,” it said.

The lender reported a 12 percent increase in first-quarter net profits for this year, which reached 2.32 billion dirhams ($599 million).

Patrick Sullivan, group chief financial officer, said the bank was able to deliver a rise in profits due to “the significant impact of lower interest rates being more than offset by significantly lower credit impairment, and good cost discipline.”