Media ININ Economy We Trust
Media In – Abu Dhabi 30 May 2018 / WAM /
Net profits of 19 national banks reached AED 10.7 billion during the first three months of 2018, a growth of 12.3% compared to AED 9.52 billion in the same period of 2017.
Experts in the sector described the performance of the banking sector as very positive during the first quarter of this year, maintaining good growth rates compared to the previous period.
The sector performance analysis shows that 7 banks listed on DFM reached AED 4.7 billion in the first quarter of this year, up 27% from AED 3.7 billion in the same period of 2017.
In the Abu Dhabi Securities Market, the profits of 12 listed banks amounted to AED 6 billion in the first quarter of 2018, an increase of 3.4% compared to AED 5.82 billion in 2017.
Abu Dhabi First Bank was the top performer, with the profits of the largest commercial bank in the UAE and one of the largest banks in the Gulf and Middle East rising to AED 3 billion by the end of the first quarter of 2018, compared to AED 2.92 billion in the same period of 2017.
According to the monitoring, the number of banks with a profit growth of 15 banks out of a total of 19 listed in the financial markets, while the profits of 5 other banks recorded a decline in their profitability.
At the market level, the number of banks listed on the Abu Dhabi Securities Exchange (ADX) has grown by 10 banks out of a total of 12, while the Dubai Financial Market has 5 out of 7 listed banks.
