Complex Made Simple

Net income of Abu Dhabi banks at AED9.1 billion

Net interest accounted for the highest percentage of total revenues at 65.4 per cent.

The net income of commercial and Islamic banks operating in the Emirate of Abu Dhabi rose to AED9.1 billion in the second quarter of 2015 with a significant growth of 24.6 per cent compared to the second quarter of 2014, reveals a report issued by the Statistics Centre of Abu Dhabi.

The Statistics Centre of Abu Dhabi notes that the net interest accounted for the highest percentage of total revenues at 65.4 per cent, Al Bayan reports.

Meanwhile, the interest rate on personal bank loans increased from 9.67 per cent during the second quarter of last year to 9.69 per cent during the second quarter of this year.

The report pointed to a rise in average interest rates on overdrafts from 8.87 per cent in the second quarter of 2014 to 8.99 per cent in the second quarter of 2015, after interest on personal bank loans decreased from 9.69 per cent during the fourth quarter in 2013 to 9.67 per cent during the fourth quarter of 2014.

Also, the interest rate on commercial loans decreased from 8.49 per cent in the fourth quarter of 2013 to 7.84 per cent in the fourth quarter of 2014. In the fourth quarter of 2014, while bank overdrafts by customers have dropped from 9.52 per cent to 9.30 percent.