Combined profits of four DFM – listed banks soar to AED13.2 bn in 2018

ABU DHABI, In yet a new sign of the resilient financial fundamentals enjoyed by the UAE banking system, the combined profits of four UAE-based banks listed on Dubai Financial Market amounted to AED13.2 bn in 2018, a growth of 17.5 percent on year.

According to statistics released by the Central Bank of the United Arab Emirates, the total assets of UAE banks hit a record of AED2.85 trillion in November.

In more detail, the profits of the Emirates NBD soared to AED10.04 bn in 2018, up 20 percent from AED8.345 bn in 2017, driven by a significant rise of 13 percent in operating income to AED17.40 bn against AED15.46 bn in 2017 in addition to the fall in allocations of asset depreciation to AED1.748 bn from AED2.228 bn during the same period in 2017.

The net profits of Mashreq Bank increased as well to circa AED2.1 bn from AED2.05 bn in 2017, partly driven by a 17 percent drop in allocations for bad debt and loan losses, according to the Bank.

The net profits of Emirates Islamic Bank increased to circa AED925 million, a 32 percent rise from AED702 million in 2017.

Ajman Bank’s profits were up to AED170 million from AED132 million during the same period.

According to the statistics, the combined profits of 19 listed Emirati banks increased to AED38.2 bn in 2017 from AED35.67 bn in 2016.

Source: Emirates News Agency