Seven banks listed in the UAE reported net profit of AED33.125bn ($9.2bn) in 2022, demonstrating the strength of their financial soundness, the advantages of their high liquidity, and the robust revenues brought on by the full recovery from the Covid-19 effects.
The highest share of the overall profits was claimed by the country’s main lender, First Abu Dhabi Bank (FAB), which in 2022 generated net profits of roughly AED13.4bn ($3.6bn), a growth of 7% from 2021.
Emirates NBD’s profits climbed by 40% to AED13bn ($3.5bn) in 2022.
UAE bank profits
Dubai Islamic Bank’s net earnings increased by a record 26% year-on-year to AED5.552bn ($1.5bn) from AED4.406bn ($1.2bn) in 2021.
By the end of 2022, Sharjah Islamic Bank continued to experience steady growth. Its operating profits rose by 17.4% to AED998.3m ($272m), and its net profits were 26.7% up to AED650.9m ($177m), the bank’s greatest profit ever since it was founded.
The National Bank of Fujairah reported a net profit of AED340.4m ($92.6m), a rise of 195.3% from AED115.2m ($31.4m) in 2021.
This resulted from strong balance sheet management and significant business growth, both of which were aided by the local economy’s recovery.
Additionally, the bank recorded its largest operating profit ever, amounting to AED1.2bn ($327m).
The Commercial Bank International saw a 15% increase in profits, going from AED131m ($36m) in 2021 to AED150m ($41m) in 2022.
Its quarterly net profit increased by 11%, from AED45m ($12.2m) in Q3-22 to AED50m (13.6m) for the fourth quarter.
Over the coming days, other listed UAE banks will continue to release their annual results and dividend payout ratio, including Mashreq Bank, Abu Dhabi Commercial Bank, and Abu Dhabi Islamic Bank.
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