Results that reflect the strength of its financial solvency and its enjoyment of strong revenues and high liquidity

20.9 billion dirhams, profits of 11 national banks in the first half

• The profits of 5 banks listed on the Dubai Financial Market increased by 38.6% during the first half.

  Photography: Ahmed Ardeti

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The net profits of 11 national banks listed on the local capital markets rose to 20.91 billion dirhams in the first half of this year, reflecting their strong financial solvency, strong revenues and high liquidity.

And based on the disclosures of the listed banks announced on the financial market websites so far, the net profits of the banks during the period from January to June 2022 increased by 43.5%, or the equivalent of 6.34 billion dirhams, compared to about 14.57 billion dirhams in the same period last year 2021.

Listed banks

The profits of six banks listed on the Abu Dhabi Stock Exchange in the first half of this year amounted to 10.58 billion dirhams, an increase of 48.5% compared to 7.12 billion dirhams in the same period last year, while the profits of five banks listed on the Dubai Financial Market amounted to about 10.33 billion dirhams in the first half of 2022, an increase of 38.6%, compared to 7.45 billion dirhams in the corresponding period of 2021.

"First Abu Dhabi"

The First Abu Dhabi Bank accounted for the largest share of the total profits, after recording net profits of about eight billion dirhams during the first half of this year, an increase of 50% compared to the same period in 2021, with all the bank’s core business achieving successive growth, as a result of growth Double-digit investment banking, corporate and business banking, thanks to the strength of the momentum and the initial advantages of higher interest rates and customer activities within the global markets.

«Emirates NBD»

In turn, Emirates NBD profits increased by 11% to 5.3 billion dirhams in the first half of this year, 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»

Dubai Islamic Bank achieved a strong growth in net profit by 45% on an annual basis to reach 2.7 billion dirhams, compared to 1.86 billion dirhams for the same period in the previous year, thanks to the significant increase in core revenues, in addition to the decrease in provisions.

Mashreq Bank

Mashreq Bank's profits also increased to 1.4 billion dirhams in the first half of this year, while operating profits amounted to about 1.9 billion dirhams, 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

In turn, the net profit of Abu Dhabi Islamic Bank grew by 30%, to reach 1.4 billion dirhams during the first half of this year, compared to 1.1 billion dirhams 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.

«Dubai Commercial»

Commercial Bank of Dubai recorded a net profit of about 866 million dirhams in the first half of this year, an increase of 28.1% compared to the first half of last year, with an increase in revenues through net interest income and other operating income.

«Emirates Islamic»

The net profit of Emirates Islamic Bank also increased by 23% to reach 701 million dirhams 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 361.9 million dirhams in the first half of this year, an increase of 25% compared to 289.5 million dirhams in the same period last year.

National Bank of Umm Al Quwain

The net profit of Umm Al Qaiwain National Bank rose to 165.3 million dirhams in the first half of this year, an increase of 25.7% compared to about 131.48 million dirhams in the comparable period last year.

Commercial International Bank

Commercial International Bank's profits exceeded 55 million dirhams in the first half of this year, and it achieved a net profit of 34 million dirhams 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 527 million dirhams 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 307.3 million dirhams, which is higher Quarterly net profit recorded since 2015.

10.33 billion dirhams

The profits of five banks listed on the Dubai Financial Market in the first half of 2022.

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