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Tue 3 Sep 2019 06:21 PM

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UAE-based banks receive $5.7bn in commission income in 2018

Central Bank of the UAE report says national banks accounted for more than 82% of total commission income last year

UAE-based banks receive $5.7bn in commission income in 2018
The CBUAE's Financial Stability Report - 2018 also showed that net profits of UAE national banks exceeded AED42.6 billion in 2018, a growth of 12 percent year on year.

UAE-based banks received AED21 billion ($5.78 billion) in commission income in 2018, according to statistics revealed by the Central Bank of the UAE.

National banks accounted for 82.8 percent (AED17.4 billion) while foreign banks' commission income amounted to AED3.4 billion, with the remaining amount claimed by branches of Gulf banks operating in the UAE.

There are a total of 60 banks operating in the UAE, state news agency WAM reported.

The Central Bank also revealed that eligible liquid assets reached AED414 billion at the end of 2018, comprising of CBUAE Certificates of Deposits (AED138 billion), statutory reserves (AED120 billion), domestic and foreign debt securities (AED107 billion), and cash and current accounts (AED49 billion).

The CBUAE's Financial Stability Report - 2018 also showed that net profits of UAE national banks exceeded AED42.6 billion in 2018, a growth of 12 percent year on year.

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