Media ININ Economy We Trust
Abu Dhabi, April 28: The assets / assets of 12 listed national banks increased to 3 trillion, 339 billion and 517 million dirhams by the end of the first quarter of this year, reflecting the strength of their financial solvency, benefiting from the recovery of the national economy, despite the challenges in the global banking sector.
Monitoring of the Emirates News Agency, WAM, based on the disclosures of the listed banks announced on financial market websites, showed that the assets of the banks during the period from January to March 2023 increased on a quarterly basis by 4.21%, or the equivalent of 134.9 billion dirhams, compared to about 3 trillion and 204 billion and 643. One million dirhams at the end of December of last year 2022.
And 8 banks listed on the Abu Dhabi Stock Exchange acquired about 61.8% of total assets, equivalent to 2.064 trillion dirhams, at the end of the first quarter of this year, an increase of 4.4%, or the equivalent of 86.9 billion dirhams, compared to about 1.97 trillion dirhams at the end of last year.
While 4 banks listed on the Dubai Financial Market acquired about 38.2% of total assets, equivalent to 1.27 trillion dirhams, by the end of the first quarter of 2023, an increase equivalent to 47.9 billion dirhams, or 3.9%, compared to about 1.23 trillion dirhams at the end of 2022.
According to the monitoring, the net profits of banks during the first quarter of this year exceeded 17.1 billion dirhams, an increase of 35.3%, or the equivalent of 4.46 billion dirhams, compared to net profits of 12.64 billion dirhams during the first quarter of 2022.
The 4 banks listed on the Dubai Financial Market acquired about 53.6% of the total profits achieved by about 9.16 billion dirhams during the first quarter of this year, an increase of 93.7%, or the equivalent of 4.43 billion dirhams, compared to about 4.73 billion dirhams during the first quarter of 2022.
The share of the 8 banks listed on the Abu Dhabi Securities Market reached about 46.4% of total profits, at a value of 7.94 billion dirhams during the first quarter of this year, an increase of 0.34%, or the equivalent of 27 billion dirhams, compared to about 7.91 billion dirhams during the first quarter of 2022.
“First Abu Dhabi Bank” acquired the largest share of the total assets of listed banks during the first quarter, with it reaching 1.2 trillion dirhams at the end of last March, an increase of 6.8%, or the equivalent of 75.2 billion dirhams, compared to about 1.11 trillion dirhams at the end of December 2022, as The Group’s strong business contributed to significant growth in assets and liabilities.
“First Abu Dhabi” achieved a net profit of 3.9 billion dirhams during the first quarter of this year, an increase of 60% compared to the last quarter of 2022 and an increase of 70% compared to the same period last year, after excluding the profits from selling a share of Magnati during the first quarter. from 2022.
Total assets of Emirates NBD increased by 5.4% to more than 782 billion dirhams at the end of the first quarter of this year, compared to 741.9 billion dirhams at the end of last year, while net profits more than doubled to reach a record level of 6 billion. dirhams during the first quarter.
Emirates NBD’s quarterly performance indicates the success of the group’s diversified business approach with income exceeding 10 billion dirhams for the first time ever, as the exceptional increase in profit reflects higher profit margins, unfunded income growth, and lower cost of risk due to large collections.
The total assets of “Abu Dhabi Commercial Bank” increased to 501 billion dirhams, an increase of 13% compared to the first quarter of 2022 and by 1% compared to the end of 2022, and the bank achieved a growth in net profits by 27% to 1.878 billion dirhams at the end of the first quarter of this year compared to By about 1.483 billion dirhams during the first quarter of 2022, while net interest income increased by 33% to 2.85 billion dirhams.
Dubai Islamic Bank recorded a growth in assets by 291.9 billion dirhams at the end of the first quarter of this year, compared to about 288.2 billion dirhams at the end of last year. The bank also achieved a year-on-year growth in net profits by 12%, to reach 1.506 billion. dirhams at the end of the first quarter of this year, compared to 1.345 billion dirhams during the first quarter of 2022, on the back of higher main revenues and wise cost management.
The total assets of “Mashreq Bank” exceeded the barrier of 201.2 billion dirhams at the end of the first quarter of this year, an increase equivalent to 4 billion dirhams compared to 197.2 billion dirhams at the end of last year, while the bank recorded a strong net profit amounting to 1.6 billion dirhams during the first quarter of 2023 as a result of a decline Credit cost down 58% year on year, operating profit up.
The total assets of Abu Dhabi Islamic Bank increased by 24% to reach 172 billion dirhams, driven by a growth of 19% in total financing and 22% in investments, while the bank recorded a growth in net profits by 54% during the first quarter of 2023 to reach 1.1 billion AED compared to AED 715 million during the first quarter of 2022, which indicates a steady trend of strong growth and profitability.
The assets of “The National Bank of Ras Al-Khaimah” amounted to nearly 69 billion dirhams, an increase of 2.5 billion dirhams compared to December 2022, reflecting a growth of 3.8% as a result of an increase in cash and balances by 929.2 million dirhams, an increase in investments by 805.8 million dirhams, and an increase in total loans and advances by 551.9 million dirhams, and an increase in lending to banks by 480.3 million dirhams. The bank also recorded a profit of 450.3 million dirhams during the first quarter of this year, an increase of 105%, driven by strong and diversified growth on both sides of the balance sheet, in addition to strong sales momentum and low cost of funds.
The total assets of Sharjah Islamic Bank grew by 1.1 billion dirhams, or by 1.9%, to reach 60.2 billion dirhams at the end of the first quarter of this year, compared to 59.1 billion dirhams at the end of the previous year.
