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Nineteen UAE listed banks posted $5.17bln in H1 net profit

Nineteen UAE listed banks posted $5.17bln in H1 net profit

ABU DHABI: A total of 19 listed banks reported H1 net profit of around AED19 billion, a 3.8 percent growth from around AED18.3 billion during the corresponding period last year. Matching previous expectations, the gains reflect the banking sector’s resilience and ability to cope with the fast-paced, multifaceted developments witnessed by the national economy which in its turn has maintained decent growth rates despite the global economic slowdown. In more detail, 12 banks listed at Abu Dhabi Securities Exchange posted net profit of AED11.22 billion during the first half of the year, a growth of 2.3 percent from AED 11 billion during the same period last year.

At Dubai Financial Market, seven banks secured H1 net profits of AED7.87 billion, an increase of 7.8 percent from AED7.3 billion during the same period of 2016. First Abu Dhabi Bank continued to remain at the pinnacle in terms of profits, which amounted to around AED5.4888 billion, 4 percent up from AED5.28 billion in the same period last year. Emirates NBD came second with net profit of AED3.89 billion during the first six months of the year, up 5 percent from AED3.71 billion in the same period last year. Emirates Islamic Bank came on top among the country’s highest growing banks, securing a staggering growth rate of 182 percent, with its profits soaring from AED137.3 billion to AED386.8 billion by the end of June 2017.