2023-04-25 12:11:00
Mubasher: The profits of 5 Emirati banks that have announced their quarterly profits so far amounted to 3.8 billion dirhams ($1.03 billion) during the first quarter of this year 2023..
The net profits of the five banks increased by 21.3%, or the equivalent of 668.5 million dirhams, compared to a net profit of 3.142 billion dirhams in the first quarter of 2022..
The growth in the profits of these UAE banks during this period of the current year reflects the strength of their financial solvency, and their enjoyment of strong revenues and high liquidity, benefiting from the recovery of the economy..
The assets (assets) of the five banks increased from 872.89 billion dirhams at the end of last year 2022, to 882.25 billion dirhams at the end of the first quarter of this year, an increase equivalent to 9.36 billion dirhams, or 1.1 percent.%..
Abu Dhabi Commercial Bank acquired the largest share of total profits after it achieved a growth in net profits by 27% to 1.878 billion dirhams at the end of the first quarter of this year, compared to about 1.483 billion dirhams in the first quarter of 2022, while net interest income increased by 33%. to 2.85 billion dirhams, according to the Emirates News Agency, WAM“.
Dubai Islamic Bank recorded a year-on-year growth in net profits by 12%, to reach 1.506 billion dirhams at the end of the first quarter of this year, compared to 1.345 billion dirhams in the first quarter of 2022, amid higher main revenues and wise management of costs..
Sharjah Islamic Bank achieved an increase in net profit by 24.6% to 233.07 million dirhams in the first quarter of this year, compared to about 187 million dirhams in the first quarter of 2022, while operating profits increased by 31.9% to 327.7 million dirhams..
The net profit of “National Bank of Umm Al Qaiwain” increased to 139 million dirhams during the first quarter of this year, an increase of 44% compared to about 96 million dirhams in the first quarter of 2022 as a result of the improvement of the external environment and efficient cost management..
The net profit of United Arab Bank increased to 54.8 million dirhams in the first quarter of 2023, compared to about 30.4 million dirhams in the same period last year 2022, an increase of 80.2 million dirhams.%.
This came as a result of the improvement in net interest income and the decline in impairment costs, in addition to the significant progress achieved in the core business, which recorded an increase of 5% in total operating profit..
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