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Sun 4 Mar 2018 11:15 AM

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Nearly 1,300 bank jobs cut in Abu Dhabi in 2017, statistics show

Over 80 percent of the total net income of banks in the emirate stemmed from commercial banks

Nearly 1,300 bank jobs cut in Abu Dhabi in 2017, statistics show

Almost 1,300 bank jobs were cut in Abu Dhabi over the course of 2017, bringing the total number of bank employees in the emirate to 11,877 at the end of Q4 2017, according to new preliminary statistics from the Statistics Centre Abu Dhabi (SCAD).

According to the statistics, the total number of bank employees declined 10.3 percent compared to the 13,235 recorded at the end of the previous year. The average compensation per employee, however, rose from AED 36,892 ($10,004) in Q4 2016 to AED 43,579 ($11,864) in 2017.

In an earlier report, SCAD noted that the number of banking sector employees was 12,100 at the end of June, compared to 13,000 at the end of the same month the previous year.

The most recent report – which reviewed the performance of all Abu Dhabi-headquartered banks – also noted that the Q4 total net income of banks was AED 7.8 billion ($2.12 billion), of which 83 percent, or AED 6.47 billion ($1.76 billion), came from commercial banks.

Islamic banks accounted for the remaining 17 percent, totaling AED 1.33 billion ($362.1 million).

Additionally, the statistics show that the growth in gross income of commercial banks was largely attributable to an 11.2 percent rise in investment returns, as well as a 35 percent increase from “other income”, from AED 2.15 billion ($585.3 million) to AED 3.53 billion ($961 million).

Net interest income was found to have declined 2.1 percent from year-on-year in Q4, to AED 5.35 billion ($1.46 billion) in 2017.

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