Media ININ Economy We Trust
Media In – Abu Dhabi 8 February 2018 WAM
Consolidated profits of 15 banks listed on Abu Dhabi and Dubai Financial Markets rose to AED 38 billion in 2017, an increase of 8.6% compared to AED 35 billion in the same period of 2016.
An analysis of data disclosed by banks monitored shows that the national banking sector continued to grow at a good rate last year, reflecting the strength and solvency it still enjoys by international standards, including Basel III.
The profits of six banks listed on the Dubai Financial Market jumped to 16.56 billion dirhams at the end of 2017, an increase of 18.2 percent compared to profits of 14 billion dirhams a year ago.
The profits of 9 banks listed on the Abu Dhabi Securities Market reached AED 21.43 billion in 2017, a growth of 2% compared to AED 21 billion in 2016 for the same banks.
Of the 15 banks surveyed, 13 succeeded in achieving an increase in profitability by the end of 2017, while one bank had stabilized and declined by a slight margin.
Emirates Islamic Bank (EIB) was the most profitable in terms of registered growth of 565%. Its profits increased from 106 million dirhams to 702 million dirhams at the end of 2017. Commercial International Bank increased by 40% from 125 million dirhams to 175 million dirhams. National Bank of Ras Al Khaimah by 21% from AED 660 million to AED 800 million.
