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UAE banks see 18.2% profit rise
- United Arab Emirates: Tuesday, September 18 - 2012 at 12:45
The UAE central bank has said lenders operating in the country boosted their net income by almost 18.2% last year, Emirates 24-7 has reported. Net profits of the country's 23 national banks and 28 foreign units grew to nearly Dhs26.6bn in 2011, higher than 2010's Dhs22.5bn, mainly driven by a 3.8% rise in banks' net interest margins and a decline by around 6.9% in interest expense. "The UAE banking system was able to maintain sound levels of profit even during periods of stress," the apex lender said.
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