In an indicator that reflects the strength of its financial solvency and its enjoyment of strong revenues and high liquidity

5 national banks achieve AED 3.8 billion net profit for the first quarter

Dubai Islamic recorded year-on-year growth in net profit by 12% to AED 1.506 billion. Archival

Five national banks, listed on the local capital markets, launched a marathon of results for the first quarter of this year with profits exceeding AED 3.8 billion, reflecting their strong solvency, strong revenues and high liquidity, benefiting from the recovery of the national economy.

A monitoring by the Emirates News Agency (WAM), based on the disclosures of listed banks announced on the financial market websites, showed that the net profits of the five banks, during the period from January to March 2023, increased by 21.3%, or the equivalent of 668.5 million dirhams, compared to net profits of 3.142 billion dirhams in the first quarter of 2022.

The assets of the five banks increased from AED 872.89 billion at the end of last year to AED 882.25 billion at the end of the first quarter of this year, an increase equivalent to AED 9.36 billion, or 1.1%.

«Abu Dhabi Commercial»

ADCB accounted for the largest share of total profit, with net profit growing by 27% to AED 1.878 billion at the end of the first quarter of this year, compared to AED 1.483 billion in the first quarter of 2022, while net interest income increased by 33% to AED 2.85 billion.

Total assets reached AED 501 billion, an increase of 13%, compared to the first quarter of 2022, by 1%, compared to the end of 2022, and net loans and advances increased by 7%, compared to the first quarter of 2022, to reach AED 264 billion, by 2%, compared to the end of 2022, and total customer deposits increased by 19%, compared to the first quarter of 2022, to reach AED 311 billion, by 1%, compared to the end of 2022.

«Dubai Islamic»

Dubai Islamic Bank recorded year-on-year growth in net profit by 12% to AED 1.506 billion at the end of Q2023 1 compared to AED 345.2022 billion in Q<> <>, on the back of higher core revenues and cost management.

Total assets reached AED 291.98 billion at the end of the first quarter of this year compared to AED 288.24 billion at the end of last year, an increase equivalent to AED 3.74 billion.

Total income increased to AED 4.43 billion compared to AED 3.016 billion, recording a strong growth of 47% year-on-year, while net operating income grew by 12% year-on-year to AED 2.755 billion. Net operating profit was AED 2.013 billion, registering a strong growth of 14% year-on-year compared to AED 1.77 billion in the first quarter of 2022.

«Sharjah Islamic»

Sharjah Islamic Bank increased net profit by 24.6% to AED 233.07 million in the first quarter of this year, compared to AED 187 million in the first quarter of 2022, while operating profit increased by 31.9% to AED 327.7 million.

Total assets increased by AED 1.1 billion, or 1.9%, to AED 60.2 billion, compared to AED 59.1 billion at the end of last year.

Total customer financing amounted to AED 30.4 billion, while total customer deposits increased significantly during the first quarter by 5.9% to AED 41.9 billion.

«Bank of um Al Quwain»

In the same context, NBQ's net profit increased to AED 139 million during the first quarter of this year, an increase of 44%, compared to AED 96 million in the first quarter of 2022, due to the improvement of the external environment and efficient cost management.

The bank's total assets stood at AED 14.17 billion at the end of the first quarter of 2023, an increase of 4%, compared to AED 13.6 billion at the end of last year. The bank maintained a stable liquid assets ratio at 35.31%, and a stable ratio of loans and advances to fixed resources by about 63.8% at the end of the first quarter of this year.

United Arab Bank

United Arab Bank's net profit increased to AED 54.8 million in the first quarter of 2023, compared to AED 30.4 million in the same period last year, an increase of 80.2% due to improved net interest income, lower impairment costs, and significant progress in the core business, which recorded a 5% increase in total operating profit.

The bank's assets increased from AED 14.08 billion at the end of last year to AED 14.426 billion at the end of the first quarter of this year, an increase equivalent to AED 345.8 million, as the bank continues to focus on growing its core business and revenues through corporate, institutional and retail transactions and financial markets, while moving towards a more flexible operating model integrating digital solutions and capabilities.