Abu Dhabi banks see H1 net income rise to $4.5bn

UAE Central Bank data reveals 8.4% jump in net income for Abu Dhabi banks in the first half of 2018
Abu Dhabi banks see H1 net income rise to $4.5bn
By Sam Bridge
Tue 11 Sep 2018 01:50 PM

The net income of banks operating in Abu Dhabi amounted to AED16.6 billion ($4.5 billion) during the first half of 2018, up by 8.4 percent compared to the same period last year.

The increase comes in line with the growth recorded across the UAE banking sector, according to the statistics issued by the UAE Central Bank.

Cited by state news agency WAM, the figures showed that net profits of Abu Dhabi-based banks increased to AED10.4 billion during the first six months of the year, up 7.2 percent.

According to banking analysts, the profits of four Abu Dhabi-based banks - First Abu Dhabi, Abu Dhabi Commercial Bank, Union National Bank and Abu Dhabi Islamic Bank - have exceeded expectations.

According to figures published by the Statistics Centre-Abu Dhabi, the net investment income of banks operating in the UAE capital stood at AED2.5 billion, a rise of 20 percent.

The net income of Sharia-compliant banks stood at AED2.262 billion during the first half of the year, the same level recorded during the corresponding period last year.

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Last Updated: Tue 11 Sep 2018 01:53 PM GST

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