HomeBanking & FinanceUAE: Profits of 17 national listed banks amount to AED 24.2 bn
By Economy Middle East
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August 15, 2022 12:21 pm

UAE: Profits of 17 national listed banks amount to AED 24.2 bn

Reflecting strength of financial solvency, high liquidity
Banks
Investors look at stock exchange information at the Dubai Financial Market

Net profits of 17 national UAE banks listed on the local capital markets increased in H1 2022 to 24 billion and 179 million dirhams, reflecting the strength of their financial solvency and their strong revenues, and high liquidity.

According to the disclosures of the listed banks announced on financial market websites, the banks’ net profits increased by 40.5 percent, or the equivalent of 6.966 billion dirhams, from January to June 2022, compared to net profits of around 17 billion and 213 million dirhams during the same period last year.

H1 profits of ten banks listed on the Abu Dhabi Stock Exchange totaled 13 billion and 815 million dirhams, representing a 42.6 percent increase over the same period last year. Meanwhile, the profits of seven banks listed on the Dubai Financial Market totaled approximately 10 billion and 362 million dirhams in the first half of 2022, a 37.7 percent increase from 7 billion and 526 million dirhams in the same period in 2021.

The First Abu Dhabi Bank took the lion’s share of the total profits, with a net profit of about 8 billion dirhams in the first half of this year, a 50 percent increase over the same period in 2021. Emirates NBD profits increased by 11 percent to 5.3 billion dirhams in the first half of this year, the highest semi-annual profit since 2019.

According to the results of Abu Dhabi Commercial Bank, net profits increased to 3.059 billion dirhams in H1 2022, representing a 21 percent increase over the same period in 2021. Additionally, Dubai Islamic Bank increased its net profits by 45 percent year on year to 2.7 billion dirhams, up from 1.86 billion dirhams in the same period the previous year.

Mashreq Bank’s profits increased by 17 percent to 1.4 billion dirhams in the first half of this year, while operating profits increased by 1.9 billion dirhams. Abu Dhabi Islamic Bank’s net profit increased by 30 percent to 1.4 billion dirhams in H1 2022, up from 1.1 billion dirhams in the same period in 2021.

Moreover, the Commercial Bank of Dubai made a net profit of about 866 million dirhams in the first half of this year, up 28.1 percent from the same period last year. In addition, Emirates Islamic Bank’s net profit increased by 23 percent in the first half of this year, reaching 701 million dirhams.

The net profit of the National Bank of Ras Al Khaimah increased to 527 million dirhams in the first half of this year, representing a year-on-year increase of more than 72 percent. Similarly, the net profit of Sharjah Islamic Bank increased to 361.9 million dirhams in the first half of this year, representing a 25 percent increase from the same period last year.

Umm Al Qaiwain National Bank’s net profit increased by 25.7 percent to 165.3 million dirhams in the first half of this year, from around 131.48 million dirhams in the same period last year. Also, the National Bank of Fujairah increased its net profit by 97.5 percent year on year, reaching 150.5 million dirhams in the first half of this year.

The profits of the United Arab Bank reached 83.27 million dirhams in the first half of this year, representing an annual growth rate of more than 209 percent. Also, the profits of Ajman Bank increased by more than 21 percent to reach 74.9 million dirhams.

Furthermore, the Commercial International Bank’s profits surpassed 55 million dirhams in the first half of this year, following a net profit of 34 million dirhams in the second quarter of 2022, a 67 percent increase on a quarterly basis over the same period last year.