Growth of 2.9% in the first quarter

AED 1.4 trillion assets of 5 Dubai-listed banks

Emirates NBD's assets rose 5.4% to AED 782 billion in the first quarter. Archival

Dubai's banks' assets achieved strong growth in total assets during the first quarter of 2023, by 2.9% equivalent to AED 40 billion to reach AED 1.39 trillion, compared to AED 1.35 trillion in the first quarter of 2022, after achieving strong quarterly profits approaching AED 10 billion, recording a growth of 89%.

Emirates NBD topped the list of Dubai banks in terms of assets volume, recording an increase of 5.4% to AED 782 billion in the first quarter of 2023, compared to AED 741.9 billion at the end of last year, with a historic quarterly profit of AED <> billion.

Dubai Islamic Bank recorded a growth in assets by 1.3% to AED 291.9 billion at the end of the first quarter of this year, compared to AED 288.2 billion at the end of last year, with net profit growing year-on-year by 12% to reach AED 1.506 billion compared to AED 1.345 billion in the same period last year, supported by higher revenues and cost management.

In the first quarter of 2023, Mashreq Bank achieved an asset volume of AED 201.2 billion, a growth of 2%, an increase of AED 197 billion compared to AED 2.2022 billion in the first quarter of 1, after recording a strong quarterly profit of AED 6.<> billion due to lower cost of credit and higher operating profit.

Commercial Bank of Dubai had total assets of AED 119.3 billion as at 31 March 2023, up 2.8% compared to AED 119 billion as at 31 March 2022.

Emirates Islamic Bank's total assets increased by 4% to AED 77.9 billion in the first quarter of this year, after achieving a record quarterly profit of AED 601 million, supported by increased revenues and improved financing and deposits.