Abu Dhabi banks’ earnings up 12% to $2.1bln in Q1

The increase in total revenues of the UAE capital’s Sharia-compliant and conventional banks is reflective of the continuing momentum recorded on the sector

  
Traders monitor the share prices at the Abu Dhabi stock market.

Traders monitor the share prices at the Abu Dhabi stock market.

REUTERS/Ravindranath

UAE - Total net interest earnings operating in the Emirate of Abu Dhabi grew to circa Dh8 billion ($2.17 billion) in Q1-2019, a growth of 12 percent on year, according to figures by the Statistics Centre-Abu Dhabi (SCAD).

The increase in total revenues of the UAE capital’s Sharia-compliant and conventional banks is reflective of the continuing momentum recorded on the sector, considered a key driver of national economy, reported state news agency Wam, citing SCAD.

In more detail, net interest income of commercial banks hit Dh6.7 billion, accounting for 83 percent of the sector's total earnings, with the Islamic banks' standing at Dh1.3 billion.

The employee population in all Abu Dhabi-based banks stood at 11,871, with the average compensation per employee rising 5.7 percent to Dh43,411 in Q1-2019 from Dh41,057 in the comparable period of 2018.

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