Wednesday, July 8, 2020

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Half-year profits of 18 national banks amount to $6.67bln

ABU DHABI – The combined net profits of 18 national banks listed on the country’s financial markets rose to AED24.5 billion in the first half of 2019, compared to AED21 billion in the same period of 2018, an increase of 16.6 percent.

These statistics reflect the solidity of the UAE’s banking sector, despite the slowdown faced by its counterparts in the region. The total profits of the seven banks listed on the Dubai Financial Market, DFM, increased to AED12.9 billion in the first half of this year, compared to AED9.74 billion in the same period of 2018, an increase of 32.4 percent. The 11 banks listed in the Abu Dhabi Securities Exchange, ADX, recorded net profits amounting to AED11.6 billion in the first part of 2019, compared to AED11.2 billion in the first half of 2018, a growth of 3.5 percent.Emirates NBD was ranked first in terms of profits, reaching AED7.5 billion at the end of June, compared to AED5 billion in the same period last year. In terms of the banks listed on the ADX, First Abu Dhabi Bank ranked first, with profits amounting to AED6.33 billion in the first half of this year, compared to AED6.057 billion in the same period of 2018.

© Copyright Emirates News Agency (WAM) 2019.

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