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21 April 2024

Eleven Emirati banks post Dh22.7bn profit in nine months

By Wam

Eleven Emirati banks posted net profits of AED22.7 billion by the end of September 2018, a growth of 11.3 percent from AED20.4 bn during the corresponding period in 2017.

The growth corroborates the robust solvency of the UAE banking sector and its ability to weather challenges despite the slowdown recorded in some parts of the region.

In more detail, banking financial statements released recently showed net profits of eight banks listed at the Abu Dhabi Securities Exchange amounting to AED16.5 bn from January till September, 10.7 percent up from AED14.9 bn during the same period in 2017.

In the meantime, three banks listed at Dubai Financial Market posted profits of AED6.2 bn during the same period, an increase of 12.7 percent from AED5.5. bn in 2017.

First Abu Dhabi Bank continued to lead the banking sector, booking profits of around AED9.08 bn by the end of Q3 as compared to AED8.09 bn during the same period in 2017.

Dubai Islamic Bank came second in terms of net profit which hit around AED3.62 bn, up 14 percent from 3.17 bn during the corresponding period in 2017.

Abu Dhabi Commercial Bank made net profits of AED3.5 bn , 9 percent up from 3.2 bn in 2017.

The rest of the profits are shared by the Abu Dhabi Islamic Bank, Bank of Sharjah, National Bank of Fujairah, National Bank of Umm al Quwain, RAK Bank, Sharjah Islamic Bank, Mashreq Bank, and Commercial Bank of Dubai.