Media ININ Economy We Trust
The net profits of 7 banks in the local financial markets increased to 33.12 billion dirhams during the past year 2022, reflecting the strength of their financial solvency and their enjoyment of strong revenues and high liquidity, benefiting from the recovery of the national economy after the full recovery from the repercussions of the “Covid-19” pandemic.
Monitoring, based on the disclosures of the listed banks announced on financial market websites, showed that the net profits of banks during the period from January to December 2022 increased by 22.6%, or the equivalent of 6.11 billion dirhams, compared to net profits amounting to 27 billion dirhams during the year 2021.
The profits of 4 banks listed on the Abu Dhabi Stock Exchange during the past year amounted to 14.56 billion dirhams, an increase of 9.5% compared to 13.3 billion dirhams in 2021, while the profits of 3 banks listed on the Dubai Financial Market amounted to 18.56 billion dirhams in 2022, an increase of 35.4% compared to 13.71. billion dirhams in 2021.
“First Abu Dhabi Bank” acquired the largest share of the total profits, after it recorded 13.4 billion dirhams during 2022, an increase of 7% compared to 2021.
Emirates NBD’s profits increased by 40% to reach 13 billion dirhams in 2022, which confirms the effectiveness and flexibility of the group’s diversified business model and strong regional economic growth.
Dubai Islamic achieved a record growth in net profits by 26% year-on-year, to reach 5.55 billion dirhams, compared to 4.4 billion dirhams in 2021, on the back of higher main revenues, wise management of costs, and the continued decline in impairment provisions.
The net profit of Emirates Islamic (included within Emirates NBD) jumped to 1.24 billion dirhams for the year 2022, a growth of 51% on the back of an increase in funded income and unfunded income with a significant decrease in the cost of risk, which reflects the momentum of the strong economic recovery.
Likewise, Sharjah Islamic Bank continued to achieve strong growth at the end of 2022, as its net profits increased by 26.7% to 650.9 million dirhams in 2022, which is the highest profit since the date of the bank’s establishment compared to 514.1 million dirhams for 2021, and its operating profits increased by 17.4% to 998.3%. million dirhams.
The National Bank of Fujairah recorded a net profit of 340.4 million dirhams, an increase of 195.3% compared to 115.2 million dirhams in 2021, reflecting good quality business growth and strengthening balance sheet management with the support of the local economic recovery. The bank also achieved its highest operating profit ever, with a value of 1.2 billion dirhams.
And the profits of “Commercial International Bank” grew by 15%, from 131 million dirhams in 2021 to 150 million dirhams in 2022, while the quarterly net profit increased by 11%, from 45 million dirhams in the third quarter of 2022 to 50 million dirhams for the fourth quarter of 2022.
It is scheduled that the listed banks will continue to announce their annual results and distributions in the coming days, as “Mashreq Bank” will discuss on January 30, and “Abu Dhabi Commercial Bank” and “Abu Dhabi Islamic Bank” on January 31, to approve the annual financial results for the year 2022.
