14 listed UAE banks post AED21.9 billion in net profit in nine months

The net profits posted by 14 Emirati banks during the first nine months of 2017 grew by 2.8 percent to AED21.9 billion, from AED21.3 billion during the corresponding period last year.

The positive performance of most of the national banks that announced their financial statements are attributed to improved global oil prices, which reflected favorably on all national sectors, primarily the banking sector, according to banking sources.

Four banks at Dubai Financial Market posted net profits worth AED5.6 billion during the first nine months of the year, against AED4.9 billion during the same period last year. At Abu Dhabi Securities Exchange, 10 listed banks reported net profits of AED16.3 billion during the same monitored period against AED16.3 billion during the same period last year.

First Abu Dhabi Bank was second to none in terms of profitability, securing gains of AED8.092 billion by the end of September this year against AED8.5 billion during the corresponding period in 2016. Abu Dhabi Commercial Bank came second with profits increasing to AED3.2 billion from 3.15 billon last year.

Dubai Islamic Bank was a top performer in terms of growth among the banks which disclosed their financial results, with its profits surging by 18 percent from AED2.68 billion last year to AED3.2 billion until September this year.

Abu Dhabi Islamic Bank's profits increased by 13 percent from AED1.5 billion to AED1.7 billion during the same period.