Abu Dhabi banks’ net income tops $2bln during Q1

The net income of Abu Dhabi-based commercial and Islamic banks up 2.8%

  
A general view of the Abu Dhabi skyline is seen.

A general view of the Abu Dhabi skyline is seen.

REUTERS/Ahmed Jadallah
The net income of Abu Dhabi-based commercial and Islamic banks amounted to around Dh7.9 billion ($2.15 billion) during the first quarter (Q1) of the year, up 2.8 per cent over the corresponding period of 2017, a media report said.

Meanwhile, the net income of commercial banks operating in the UAE capital, reached Dh6.56 billion by the end of the first three months of the year, a growth of 3.5 per cent from Dh6.34 billion during the first quarter of 2017, reported Emirates news agency Wam, citing figures released recently by the Statistics Centre - Abu Dhabi.

Islamic banks in the emirate had their net income decreased to Dh1.32 billion during Q1 2018 from Dh1.33 billion in Q1 2017, the report said.

Conventional banks accounted for 83.1 per cent of the net income secured by banks operating in the emirate during the period from January through March 2018, while Islamic Shari'a-compliant banks comprised the remaining 16.9 per cent.

The net income of the emirate-based banks hit Dh7.815 billion during Q4 2017, an increase of 1.2 per cent from Dh7.725 billion, during Q3 of the same year.

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