Tuesday 11 August 2020

UAE banks post record $12.6bn net profit in 2019

ABU DHABI, February 17, 2020

A total of 18 out of 19 national banks and financial companies in the UAE have announced an increase in their total net profits to Dh46.47 billion ($12.65 billion) an increase of 11.6 percent compared to Dh41.63 billion in 2018.

The figures showed that the banking sector accounted for some 61 percent of net profits recorded by almost all companies listed in the country’s financial markets, reported Emirates news agency Wam.

The seven banks listed in the Dubai Financial Market recorded the largest growth percentage, in terms of profitability, as their profits increased to Dh24.136 billion, a rise of almost 25 percent compared to Dh19.312 billion in 2018.

Out of the 12 banks and financial companies listed on the Abu Dhabi Securities Exchange, with an investment bank not disclosing its relevant figures, the profits of 10 banks amounted to some Dh22.34 billion in 2019, a slight increase compared to Dh22.32 billion in 2018.

The profits recorded by Abu Dhabi First Bank and Emirates NBD Bank accounted for 58.1 percent of the total, with Emirates NBD Bank recording a profit of Dh14.502 billion last year while Abu Dhabi First Bank saw profits of Dh12.52 billion.


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