Media ININ Economy We Trust
08-05-2019 Media in\ Abu Dhabi
The combined net profit of banks listed on the Dubai Financial Market reached AED 5.51 billion during the first quarter of 2019, a 17% growth compared to a profit of AED 4.69 billion during the same period of the year.
Total assets of banks listed on the Dubai Financial Market rose to AED 1.058 trillion in the first quarter of this year, an increase of 10% over the same period of 2018. Customer deposits increased by 7% to AED 718 billion and loans by 8% to 660.2 billion AED in the same monitoring period.
The rise in consolidated profits of banks listed on the Dubai market was supported by higher operating income and lower provisions for most of these banks.
At the banking level, Emirates NBD contributed the most to the consolidated earnings of the banking sector by the end of the first quarter of 2019 after a profit of 2.74 billion dirhams with a contribution of about 50% followed by Dubai Islamic Bank by 24%, achieving a profit of 1.34 billion dirhams.
Emirates Islamic Bank (EIB) topped the list of the fastest growing banks with 97% as a result of higher operating revenues during the first quarter of 2019. Ajman Bank came in second with 26% growth as a result of an increase of 26% in total operating income followed by Commercial Bank of Dubai by 22% Due to an 18% increase in operating income, according to the financial statements of banks listed on the Dubai Financial Market.
