Complex Made Simple

20 UAE banks post AED29.4bn in profits in 9 months

Emirates Islamic Bank performed the best with its 9-month profits shooting up by 109 per cent

The net gross profits of 20 banks in the United Arab Emirates totalled AED29.4 billion in the first nine months of the current year, up by 11.5 per cent compared with the AED25.3bn reported in the same period last year.

According to an analysis by Al Bayan, the net profits of seven banks enlisted in the Dubai stock exchange amounted to AED11.1bn, indicating a major rise of 25 per cent from AED8.8bn in the same period of 2014.

The combined net profits of 13 banks enlisted in the Abu Dhabi exchange reached AED18.3bn during the nine-month period compared with AED17.5bn, up by 4.5 per cent.

In Dubai, only one bank out of seven reported lower returns while three of Abu Dhabi’s 13 banks reported lower returns.

In general, banks that have announced their results saw their profits growing in the January-September period.

Emirates Islamic Bank was the best performing bank with its nine-month profits shooting up by 109 per cent to AED534 million, followed by Ajman Bank whose profits soared by 90 per cent to AED86m compared with AED45m in the same period last year.

Other best-performing banks included the National Bank of Umm Al Qaiwain whose earnings surged by 70 per cent to AED490m followed by Dubai Islamic Bank with AED2.6bn (up by 38 per cent) and the Emirates NBD Bank with AED4.9bn (up by 28 per cent).