Profits of Abu Dhabi lenders exceeded expectations in the first half of 2018.
Abu Dhabi - Increase comes in line with the growth recorded across the UAE banking sector
Published: Mon 10 Sep 2018, 10:19 PM
The net income of commercial and Islamic banks operating in the emirate of Abu Dhabi amounted to Dh16.6 billion during the first half of 2018, a growth of 8.4 per cent over the corresponding period last year.
The increase comes in line with the growth recorded across the UAE banking sector according to the statistics issued by the Central Bank of the UAE.
Net profits of Abu Dhabi-based banks increased to Dh10.4 billion during the first six months of the year, up 7.2 per cent over the same period in 2017.
According to banking analysts, the profits of four Abu Dhabi-based banks - First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Union National Bank and Abu Dhabi Islamic Bank - exceeded expectations, with the four banks displaying a very positive performance.
According to figures published by Statistics Centre - Abu Dhabi, net profits of commercial banks during the first six months of the year reached Dh16 billion, an increase of 10.5 per cent over the same period last year.
The net investment income of banks operating in the UAE capital stood at Dh2.5 billion during the first half of the year, a rise of 20 percent from Dh2.1 billion as compared to the same period in 2017.
The net income of Shariah-compliant banks remained at Dh2.262 billion during the first half, which is the same level recorded during the corresponding period last year.
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