Net profits of UAE banks jump 40% in H1

In a global scenario, where the banking industry has been hit hard by a credit crisis that saw the 10th bank in the United States go under, UAE banks are showing nothing but growth.

Net profits of UAE banks are up by nearly 40 per cent for the first half of 2008 and income will likely hit a record through 2008, Central Bank figures Emirates Business had access to showed yesterday.

Thanks to a surge in credits and investments, net earnings of the country's 24 national banks and 28 foreign units stood at Dh16 billion in the first half of this year compared with Dh11.4bn in the first half of 2007.