19 listed UAE banks post $2.9bln in Q1 profit

Banking analysts attributed the improved banking performance during the first quarter of the year to rising oil prices

  
Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, November 9, 2016.

Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, November 9, 2016.

REUTERS/Stringer
Nineteen UAE banks posted Dh10.7 billion ($2.9 billion) in net profit during Q1 2018, up 12.3 per cent from Dh9.52 billion during the same period in 2017, according to official figures released recently.

Banking analysts attributed the improved banking performance during the first quarter of the year to rising oil prices which reflected positively on all economic sectors since the beginning of the year, reported Emirates news agency Wam.

According to a survey conducted by Wam, seven banks listed on the Dubai Financial Market made net profits of Dh4.7 billion during Q1 2018, a growth of 27 per cent from 3.7 billion, during the same period last year.

Twelve banks listed on the capital's bourse booked Dh6.00 billion in net profit during the same monitored period, an increase of 3.4 per cent from Dh5.82 billion in 2017.

First Abu Dhabi Bank (FAB) came first with profits surging to Dh3.00 billion from Dh2.92 during the same period last year.

Emirates NBD came second with Dh 2.38 billion net profit, up 27 per cent from the same period last year.

According to the survey, 15 out of 19 listed banks improved their profit margin while five didn't. Ten out of 12 profitable banks are listed on Abu Dhabi Securities Exchange, while five out of seven profitable banks are listed on DFM.

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