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Tue 28 May 2019 09:08 AM

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DFM-listed banks' profit surged 17% to $1.5bn in Q1

Combined profits of companies listed in Abu Dhabi Securities Exchange and Dubai Financial Market amounted $5.2bn

DFM-listed banks' profit surged 17% to $1.5bn in Q1
The banking sector accounted for the largest share of net profits at AED11.13 bn during the first three months of the year.

DFM-listed banks' profit surged 17 percent to AED5.51bn ($1.5bn) in Q1 against AED4.69 bn in the corresponding period year before, with lenders accounting for 57 percent of the market's profits during the period.

In figures released this week, the combined profits of companies listed in Abu Dhabi Securities Exchange and Dubai Financial Market amounted to AED19.45bn ($5.2bn) in Q1 this year, which is almost the same amount booked in previous quarter, according to official figures released by the two bourses.

The banking sector accounted for the largest share of net profits at AED11.13 bn during the first three months of the year. Bank of Sharjah and Invest Bank have not disclosed their financial statements yet.

The DFM-listed firms' total profits stood at AED9.75bn in Q1 against AED9.73 bn in the comparable period 2018, with ADX-listed companies posting AED9.7bn against AED9.75bn in the same period last year.

Realty and construction sectors came second with total profits of AED3.16bn in Q1-2019.

At ADX, listed lenders' combined Q1 profits rose to AED5.62bn against AED5.5bn in the same period last year.

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