Putting up an impressive show, the 11 national banks listed on the UAE capital markets have registered net profits of $5.69 billion in the first half of this year, reflecting their strong financial solvency, strong revenues and high liquidity.
Further, the profits of six banks listed on the Abu Dhabi Stock Exchange in the first half of this year amounted to $2.88 billion, an increase of 48.5% compared with $1.94 billion in the same period last year, while the profits of five banks listed on the Dubai Financial Market amounted to about $2.81 billion in the first half of 2022, an increase of 38.6%, compared with $2.03 billion in the same period in 2021.
First Abu Dhabi Bank
The First Abu Dhabi Bank accounted for the largest share of the total profits, after recording net profits of about $2.18 billion, an increase of 50% compared to the same period in 2021, with all the bank’s core business achieving double digit growth.
Emirates NBD profits increased by 11% to $1.44 billion achieving the highest semi-annual profits since 2019, amid record performance in terms of retail loan activities and customer transactions accompanied by an improvement in margins, which led Income increased by 23%.
Dubai Islamic Bank
Dubai Islamic Bank achieved a strong growth in net profit by 45% on an annual basis to reach $740 million, compared with $510 million for the same period in the previous year, largely due to the significant increase in core revenues, in addition to the decrease in provisions.
Mashreq Bank’s profits also increased to $380 million, while operating profits amounted to about $520 million, an increase of 17%, as a result of the increase in operating income due to the increase in net interest income and income from Islamic finance.
Abu Dhabi Islamic Bank
The net profit of Abu Dhabi Islamic Bank grew by 30%, to reach $380 million, compared with $300 million during the same period in 2021, driven by strong revenue growth, continuing to improve the cost base, and reducing provisions for financing losses. and investment.
Commercial Bank of Dubai
The bank recorded a net profit of about $235.77 million dirhams in the first half of this year, an increase of 28.1% compared with the first half of last year, with an increase in revenues through net interest income and other operating income.
Emirates Islamic Bank
The net profit of Emirates Islamic Bank also increased by 23% to reach $190.85 million in the first half of this year, due to the increase in funded and unfunded income, with a significant decrease in the cost of risks, which reflects the improvement in business performance.
Sharjah Islamic Bank
The net profit of Sharjah Islamic Bank grew to $98.53 million in the first half of this year, an increase of 25% compared with $98.82 million in the same period last year.
National Bank of Umm Al Quwain
The net profit of Umm Al Qaiwain National Bank rose to $45 million in the first half of this year, an increase of 25.7% compared with $35.8 million in the comparable period last year.
Commercial International Bank
The bank’s profits exceeded $14.97 million and it achieved a net profit of $9.26 million in the second quarter of 2022, an increase on a quarterly basis by 67% compared to the first quarter of the same year.
Ras Al Khaimah National Bank
The net profit of the National Bank of Ras Al Khaimah increased to $143.48 million in the first half of this year, with an annual growth rate of more than 72%, thanks to the diversified balance sheet and the low cost of risks, while profits during the second quarter of this year amounted to about $83.66 million.