18 banks, financial companies record profits of AED46.47 billion in 2019
A total of 18 out of 19 national banks and financial companies registered in Emirati financial markets declared their financial figures for 2019, which highlighted an increase in their total net profits to AED46.47 billion, an increase of 11.6 percent compared to AED41.63 billion in 2018.
The reported increase reflects the ability of the national banking sector to continue growing, as well as its significant financial solvency, compared to its counterparts in the Gulf Cooperation Council, GCC, and the Middle East in general.
The figures, declared on 16th February, showed that the banking sector accounted for some 61 percent of net profits recorded by almost all companies listed in the country’s financial markets.
The seven banks listed in the Dubai Financial Market recorded the largest growth percentage, in terms of profitability, as their profits increased to AED24.136 billion, a rise of almost 25 percent compared to AED19.312 billion in 2018.
Out of the 12 banks and financial companies listed on the Abu Dhabi Securities Exchange, with an investment bank not disclosing its relevant figures, the profits of 10 banks amounted to some AED22.34 billion in 2019, a slight increase compared to AED22.32 billion in 2018.
The profits recorded by Abu Dhabi First Bank and Emirates NBD Bank accounted for 58.1 percent of the total, with Emirates NBD Bank recording a profit of AED14.502 billion last year while Abu Dhabi First Bank saw profits of AED12.52 billion.
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