Media ININ Economy We Trust
Media In Abu Dhabi, 4 December 2018,
The net income of commercial and Islamic banks operating in the Emirate of Abu Dhabi rose to AED 23.7 billion during the first nine months of this year, an increase of 3.2% compared to AED 23 billion in the same period of 2017, reflecting the continued growth of the sector, United Arab Emirates.
Banking industry experts predicted continued growth in net banking income in Abu Dhabi and the UAE during the remainder of this year, which necessarily means higher net profits.
The increase in the net income of Abu Dhabi banks was supported by the overall growth witnessed by the sector since the beginning of the year. The net profits of 18 national banks listed on the financial markets rose to about 33 billion dirhams during the first nine months of this year with a growth of 14% With the same period last year, according to figures released by the Abu Dhabi Statistics Center.
The second quarter of the year witnessed the highest growth rate of net income of banks in Abu Dhabi, which rose to 8.735 billion dirhams at the end of June, an increase of 14.8% compared with the same quarter of 2017. While the growth rate in the first quarter was 2.7%.
In the third quarter of the year, net income decreased by AED 7.12 billion compared to AED 7.7 billion in the same quarter of 2017.
In the first nine months of this year, Abu Dhabi banks’ net investment income reached AED 3.84 billion, an increase of 18.7% over the same period of 2017.
