Media ININ Economy We Trust
Media In – Abu Dhabi – 14 February 2019 WAM
The net profit of 14 national banks rose to 43.96 billion dirhams in 2018, an increase of 17.3 percent compared to 37.46 billion dirhams in 2017, according to an analysis of banks that disclosed their financial statements as of November 14.
The rise in the profitability of national banks reflects the positive performance of the sector during the past year, which exceeded the expectations of many analysts and centers of specialized studies, local and global.
The continued improvement in oil prices contributed to the increase in the activity of the banking sector in the UAE in addition to the increase in interest rates during the last period.
The sector performance analysis shows that 6 banks listed on the Dubai Financial Market posted net profits of AED 19.3 billion in 2018, a growth of 16.6% compared to AED 16.55 billion in 2017.
On the Abu Dhabi Securities Market, the profits of 8 listed banks reached AED 24.66 billion in 2018, an 18% increase compared to AED 20.913 billion in 2017.
The Bank of Abu Dhabi ranked first in terms of AED 12 billion in profits by the end of 2018, compared to a profit of AED 10.9 billion in the same period of 2017.
The Board of Directors recommended distributing cash dividends to shareholders of 74% (74 fils / share) of the capital for 2018.
Emirates NBD ranked second with AED 10 billion at the end of 2018, a 20% increase over the same period of 2017.
The Bank’s profits were boosted by an increase of 13 per cent in total operating income to AED 17.40 billion, compared to AED 15.46 billion in 2017, and impairment provisions for financial assets decreased to AED 1.75 billion compared to AED 2.3 billion during the same period of the year the past.
The board of directors of the bank has decided to distribute 40% (40 fils per share) of capital to shareholders in 2018.
